AMC Consultants Pty Ltd ABN 58 008 129 164

STRIEBORNÁ VEIN SILVER PROJECT, ROŽŇAVA MINING DISTRICT, SLOVAK REPUBLIC Latitude 48° 40' 29˝ N, Longitude 20° 32' 31˝ E

TECHNICAL REPORT for GLOBAL MINERALS LIMITED

Suite 308. 837 West Hastings Street Vancouver, British Columbia V6C 3N6, Canada

Prepared by Qualified Person Eur Ing ZYGMUNT JAKUBIAK, MSc, DIC, FIMMM, C Eng, FGS (London), C Geol, Eur Geol, MAusIMM

In accordance with the requirements of National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators

AMC 108020 Effective Date 22nd April 2008

Level 19 Ground Floor Level 12 Ground Floor Level 7, Nicholsons House Suite 1040, 609 Granville Street 114 William Street 9 Havelock Street 179 North Quay 4 Greenhill Road Nicholsons Walk, Maidenhead PO Box 10327, Pacific Centre MELBOURNE VIC 3000 WEST PERTH WA 6005 BRISBANE QLD 4000 WAYVILLE SA 5034 BERKSHIRE SL6 1LD VANCOUVER BC V7Y 1G5 AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA UNITED KINGDOM CANADA T +61 3 8601 3300 T +61 8 6330 1100 T +61 7 3839 0099 T +61 8 8201 1800 T +44 1628 778 256 T +1 604 669 0044 F +61 3 8601 3399 F +61 8 6330 1199 F +61 7 3839 0077 F +61 8 8201 1899 F +44 1628 638 956 F +1 604 669 1120

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GLOBAL MINERALS LIMITED Technical Report

SUMMARY

This Technical Report on the Strieborná Vein silver-copper-antimony project (Strieborná Project) in eastern Slovakia has been prepared by Eur Ing Zygmunt Jakubiak, Principal Geologist of AMC Consultants Pty Ltd (AMC), Melbourne, Australia, for Global Minerals Limited (the Issuer) of Vancouver, Canada. The main purpose of the report is to present AMC’s estimate of the current mineral resource in accordance with the requirements of National Instrument 43-101 (NI 43-101), “Standards of Disclosure for Mineral Projects”, of the Canadian Securities Administrators. The author meets the requirements of a Qualified Person as defined in NI 43-101 and is independent of the Issuer.

The Strieborná Project is an advanced exploration property centred on a silver-copper- antimony-bearing siderite-quartz vein, in which tetrahedrite in the main silver, copper and antimony mineral. The vein is situated within Mining License Rožňava III, which along with contiguous Mining License Rožňava I covering the historic Mária Mine, is held by Global Minerals Slovakia s.r.o. The Issuer has a 60% interest in Global Minerals Slovakia s.r.o. with an option to earn a further 10% interest.

The mining licences overlap the northern edge of the old mining town of Rožňava in the southern foothills of the Spiš-Gemer Ore Mountains in Košice Self-Governing Region. Rožňava is a county town with some 20,000 inhabitants. It has modern road and rail links with Košice, 70 km to the east, and with Bratislava, the capital of Slovakia, 320km to the west. The Košice Region has its own electric power generating infrastructure and modern telecommunications network.

In geological terms, the area is situated in the Gemericum metallogenic province of the Inner Western Carpathians. This is a terrane underlain predominantly by Palaeozoic rocks deformed and metamorphosed in the upper greenschist facies during the Variscan deformation cycle in late Palaeozoic and reactivated during the Alpine deformation in Cretaceous to Tertiary. The Strieborná Vein and other veins in the Rožňava area are believed to have been derived through leaching of stratiform siderite bodies by metamorphic fluids and redeposition of siderite with quartz and sulphides in open structures. Eleven phases of deformation have been documented in the underground workings.

Following its discovery in 1981, the Strieborná Vein was systematically explored on four underground levels totalling over 3,000m in length. Exploration was conducted by the exploration branch of the Slovak Geological Survey in three phases from 1982 to 1994. The exploratory underground workings comprise drives either directly in the vein or in its footwall with sampling crosscuts at regular intervals to intersect the whole width of the vein. In addition, the vein has been exposed along strike on two sublevels, totalling 170m in length, and in two raises.

On Level 8, 80m above sea level, channels were cut across the vein along 300m of strike length from crosscuts at intervals of about 20-25m. On Level 10, 95m below Levels 8, channels were cut across the vein along 1350m of strike length at intervals of about 3-5m. On Level 13, 150m below Level 10, channel samples were taken across the vein along 1300m of strike length at intervals ranging from 4m to 8m. The vertical continuity of the vein was tested by underground diamond core drilling in three cross sections. Level 9 was developed 50m below Level 8 after the Geological Survey had completed its exploration.

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The Strieborná Vein strikes north-east and has a propeller shape with subvertical dips in the centre changing to south-eastern in the southwestern part of the vein and to north- western dips in the in the northeast. Vein widths range from less than a meter to 8m, averaging about 2.5m. Its vertical extent is over 500m. The vein has no surface exposure, although there are traces of old workings that could follow a subsidiary vein structure branching off the Strieborná Vein.

Tetrahedrite mineralisation was emplaced into a complicated system of fractures developed along the margins of quartz ladder veins and within siderite during late stages of brittle deformation. The mineralisation is erratic and its intensity is a function of the intensity of deformation which was controlled by the ductility of the host rocks. Accordingly, the highest silver-copper-antimony grades are in those parts of the vein which are hosted by relatively ductile quartz-sericite phyllites on Levels 8 and 9 whilst lower grade mineralisation developed in parts of the vein hosted by competent porphyroids (mostly on Level 13).

Results reported by the Geological Survey were checked in a programme undertaken by London-based CMX Resources Limited (CMX). The programme involved detailed geological mapping of the underground workings, structural and mineralogical studies and verification sampling. The CMX work confirmed geological interpretations made by the Geological Survey and the overall grade distribution on the various levels of the underground development. The CMX programme was conducted in 1994 and was the last exploration activity on site. The underground workings were flooded in 1998-2000.

AMC has estimated the current mineral resource using a database generated by the Geological Survey and incorporated CMX sampling results from Sublevel 9, which is situated 8m above Level 9. The database used in the estimate comprises 394 channel samples and ten drillhole intercepts. Sampling methods, sample preparation, sub- sampling, analytical methods and procedures followed by the Geological Survey and well as quality control measures are considered reliable and adequate for an unbiased estimation of the Strieborná Vein resource.The estimation was done in a vertical plane parallel to the overall strike of the vein with the block model projected onto it. Ordinary kriging was used for grade estimation. Once grades were estimated, the block model was returned to its original position.

A summary of the mineral resource is given in Table 1. The mineral resource is reported without a cut off grade applied as the form of the deposit and the mean silver, copper, antimony and iron grades are such that the Strieborná Vein has reasonable prospects for economic extraction in its entirety. The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum as the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by CIM Council on August 20, 2000. The Measured and Indicated Mineral Resource categories are defined with sufficient confidence to support a Preliminary Feasibility Study.

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Table 1 Current Mineral Resource of Strieborná Vein

Mineral Horizontal Average Grades Quantity Resource Width Ag Cu Sb Fe Category Mt m g/t%%%

Measured 215 5.8 468 2.2 1.4 20.6 Indicated 1,710 3.4 202 1.0 0.6 33.2

Inferred 1,500 3.2 280 0.9 0.6 33.6

NB: Tonnage includes estimated 35,000 tonnes of mined out development

Process testwork on a bulk sample from the Strieborná Vein using the process developed by Sunshine Mining and Refining Company indicated that 90-95% of the tetrahedrite bearing silver and copper can be recovered by flotation. The flotation concentrate can then be treated for selective removal of antimony, arsenic and mercury using alkaline sulphide hydrometallurgy. From this, antimony or value-added antimony products can be produced, whilst arsenic and mercury can be precipitated, stabilised and disposed of in a managed waste disposal facility.

The current mineral resource is unlikely to be materially affected by any environmental, permitting, legal, title, taxation, socio-political or marketing issues.

The author of this report recommends that the Issuer continue its efforts to obtain the necessary permits to dewater and refurbish the underground workings and then undertake a Preliminary Feasibility Study. The author further recommends that subject to a positive outcome of the Preliminary Feasibility Study, the Issuer proceeds with a Full Feasibility Study to evaluate the economic feasibility of the selected development and production option to a the level of accuracy required for project financing.

The budget required for the Preliminary Feasibility Study is estimated at US$3.5 Million, including about US$1 Million for dewatering and rehabilitation of the underground workings in the Strieborná Vein. A Feasibility Study is estimated to cost around US$4.5 Million, bringing the total to approximately US$8 Million.

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TABLE OF CONTENTS

SUMMARY

1 INTRODUCTION AND TERMS OF REFERENCE...... 1 1.1 Purpose of Technical Report...... 1 1.2 The Sources of Information and Data ...... 2 1.3 Units of Measurement ...... 3 2 RELIANCE ON OTHER EXPERTS ...... 5 3 PROPERTY DESCRIPTION AND LOCATION...... 7 3.1 Property Description...... 7 3.2 Property Ownership...... 9 3.3 Description of the Existing Underground Workings...... 10 3.4 Other Agreements, Encumbrances and Liabilities ...... 12 3.5 Required Permits...... 12 4 ACCESIBILITY, PHYSIOGRAPHY, CLIMATE, LOCAL RESOURCES AND INFRASTRUCTURE...... 13 4.1 Location, Physiography and Land Use...... 13 4.2 Climate ...... 15 5 HISTORY...... 17 5.1 Mining History...... 17 5.2 Processing History ...... 18 5.3 Exploration History ...... 18 5.4 Historical Resource Estimates for the Strieborná Vein ...... 19 5.5 Production from the Property ...... 21 6 GEOLOGICAL SETTING...... 22 6.1 Regional Geology...... 22 6.2 Local Geology ...... 23 6.3 Property Geology ...... 26 7 DEPOSIT TYPES ...... 29 8 MINERALIZATION OF STRIEBORNA VEIN...... 30 8.1 Overview ...... 30 8.2 Strieborná Vein on Level 8 ...... 30 8.3 Strieborná Vein on Level 9 and Sublevel 9 ...... 30 8.4 Strieborná Vein on Level 10 ...... 30 8.5 Strieborná Vein on Level 13 ...... 31 8.6 Documented Vertical Extent...... 31 8.7 Strieborná Vein Structure ...... 31 8.8 Strieborná Vein Mineralogy ...... 34 9 EXPLORATION ...... 35 10 DRILLING ...... 36 11 SAMPLING METHOD AND APPROACH...... 37 11.1 Underground Channel Sampling ...... 37 11.2 Drill Core Sampling ...... 37

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12 SAMPLE PREPARATION, ANALYSES AND SECURITY...... 38 13 DATA VERIFICATION...... 40 13.1 CMX Verification Mapping...... 40 13.2 CMX Verification Sampling...... 41 13.3 Repeat Analyses ...... 43 14 ADJACENT PROPERTIES...... 44 15 MINERAL PROCESSING AND METALLURGICAL TESTING...... 45 16 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES ...... 48 16.1 Data Provided...... 48 16.2 Data Validation ...... 48 16.3 Modeling Process...... 49 16.4 Drillhole and Channel Sample Statistics ...... 50 16.5 Variogram Analysis ...... 57 16.6 Block Model...... 58 16.7 Mineral Resource Estimation Method ...... 58 16.8 Mineral Resource Estimation Parameters...... 58 16.9 Bulk Density ...... 58 16.10 Mineral Resource Estimate ...... 59 16.11 Deleterious Elements ...... 60 17 OTHER RELEVANT DATA AND INFORMATION...... 62 18 INTERPRETATIONS AND CONCLUSIONS ...... 63 18.1 Mineral Resource Summary...... 63 18.2 Potential Extension to the Strieborná Vein...... 66 19 RECOMMENDATIONS ...... 67 19.1 Phase I ...... 67 19.1.1 Obtaining Permits...... 67 19.1.2 Mine Dewatering and Rehabilitation...... 67 19.1.3 Preliminary Feasibility Study ...... 67 19.2 Phase II ...... 68 19.2.1 Feasibility Study ...... 68 19.3 Phase II ...... 69 20 REFERENCES ...... 70 20.1 Published Documents ...... 70 20.2 Unpublished Documents, Reports, Maps, etc...... 70 20.3 Slovak Government Documents...... 72

TABLES Table 3.1 Boundaries of Mining Licences Rožňava I and Rožňava III...... 9 Table 12.1 Analytical Detection Limits Reported for Silver, Copper, Antimony, Iron and Mercury (Mesarčík et al, 1996) ...... 38 Table 13.1 Comparison of Geological Survey Analyses with 1998 CHEMEX Labs Ltd. Analyses for Channel Samples from Level 8 Above 210 g/t Ag Cut-off Grade...... 43

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Table 16.1 Raw Channel Sample and Drillhole Statistics...... 51 Table 16.2 Composited Sample Statistics ...... 54 Table 16.3 Variogram Parameters...... 57 Table 16.4 Block Model Parameters...... 58 Table 16.5 Estimation and Search Parameters ...... 58 Table 16.6 Mineral Resource Estimate...... 59 Table 18.1 Current Mineral Resource of Strieborná Vein...... 63

FIGURES

Figure 1.1 Strieborná Project Location ...... 1 Figure 3.1 Location of Mining Licenses Rožňava I and Rožňava III...... 8 Figure 3.2 Underground Workings at Mária Mine with Crosscuts to Strieborná Vein (Purple-red)...... 11 Figure 4.1 Google Image of the Rožňava Area (Looking North)...... 14 Figure 4.2 Sketch Showing Road and Air Communication Links...... 15 Figure 6.1 Map of the Main Divisions of the Carpathians (from Wikipedia) ...... 22 Figure 6.2 Geological Map of the Rožňava Area ...... 25 Figure 6.3 Geological Map of the Strieborná Property, Showing the Subsurface Layout of Level 8 ...... 27 Figure 6.4 Cross Section Through the Strieborná Property...... 28 Figure 8.1 Quartz Ladder Veins in Siderite, Note Unevenly Distributed Tetrahedrite (Bluish Black)...... 32 Figure 8.2 Tetrahedrite Deposited Around Quartz Ladder Veins in Siderite...... 33 Figure 8.3 Tetrahedrite Associated with Subvertical Fractures in Siderite Vein ..... 34 Figure 13.1 Log Probability Plot of CMX Channel Samples ...... 41 Figure 13.2 Log Probability Plot of Geological Survey Channel Samples ...... 42 Figure 16.1 Probability Plot for Silver Grades...... 51 Figure 16.2 Probability Plot for Copper Grades ...... 52 Figure 16.3 Probability Plot for Antimony Grades...... 52 Figure 16.4 Probability Plot for Mercury Grades...... 53 Figure 16.5 Probability Plot for Iron Grades...... 53 Figure 16.6 Probability Plot for Composited Silver Accumulations ...... 54 Figure 16.7 Probability Plot for Composited Copper Accumulations ...... 55 Figure 16.8 Probability Plot for Composited Antimony Accumulations ...... 55

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Figure 16.9 Probability Plot for Composited Mercury Accumulations ...... 56 Figure 16.10 Probability Plot for Composited Iron Accumulations...... 56 Figure 16.11 Probability Plot for Horizontal Vein Width ...... 57 Figure 16.12 Silver Grade Distribution...... 59 Figure 16.13 Location of Mineral Resource Categories...... 60 Figure 18.1 Tonnage – Grade Curve for Silver...... 64 Figure 18.2 Tonnage – Grade Curve for Copper ...... 65 Figure 18.3 Tonnage – Grade Curve for Antimony...... 65

APPENDICES

APPENDIX I APPENDIX II APPENDIX III APPENDIX IV APPENDIX V APPENDIX VI

Distribution list: 2 copies to Global Minerals Limited 1 copy to AMC Melbourne office

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1 INTRODUCTION AND TERMS OF REFERENCE

1.1 Terms of Reference

AMC Consultants Pty Ltd (AMC) has been appointed by Global Minerals Limited (the Issuer) of Vancouver, Canada, to prepare a current mineral resource estimate for the Strieborná Vein silver-copper-antimony Project (Strieborná Project) in eastern Slovakia (Figure 1.1) and report the results in accordance with the requirements of National Instrument 43-101 (NI 43-101), Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators (CSA). The Strieborná Project is an advanced exploration property centred on a complex silver-copper-antimony-bearing siderite- quartz vein system, in which tetrahedrite is the main silver, copper and antimony mineral.

Figure 1.1 Strieborná Project Location

1.1 Purpose of Technical Report

The report is required by the Issuer for filing with Canadian securities regulatory authorities to support the disclosure of the current mineral resource estimate for the Strieborná Vein which constitutes a material change in the affairs of the Issuer. It is also required for fund raising to advance the Strieborná Project and for an eventual lodgement on CSA’s System for Electronic Document Analysis and Retrieval (SEDAR).

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1.2 The Sources of Information and Data

The current mineral resource estimate has been prepared by Melbourne-based AMC Geology Group on the basis of information and data provided by the Issuer, which is listed in Section 16.1 of this report. In addition, the author has drawn on other sources of information, published and unpublished, provided by the Issuer, which are listed in Section 20.

The key information and data used for the mineral resource estimate were:

• Results of underground exploration and diamond core drilling on the Strieborná Vein conducted by the Exploration Division of Geologický Prieskum š.p. and its restructured successor Geoenvex spol. s r.o. (hereinafter collectively referred to as the Geological Survey) during the period 1981 to1994.

• Results of a verification programme conducted by London-based CMX Resources Limited (CMX) in 1994.

• Reports on structural geology, geochemistry, mineralogy, hydrogeology, historical resource estimates, metallurgical testwork and on mining and economic studies.

The database generated by the Geological Survey spans three exploration phases: 1. 1982 – 1984, summarised in report completed in January 1986. 2. 1985 – 1991, summarised in report completed in September 1991 (Mesarčík et al, 1991). 3. 1992 – 1994, summarised in report completed in July 1996 (Mesarčík et al, 1996).

The Issuer supplied AMC with copies of the 1991 and 1996 reports. The 1991 report contains results of exploration on Levels 13 and 10 of exploratory workings in the Strieborná Vein and results of diamond core drilling completed during the reporting period. It also includes pre-1986 data. The 1996 report contains results of exploration on Level 8. In addition, AMC received copies of drill logs for all underground and surface drillholes completed during the three exploration phases.

The CMX verification programme included geological remapping of approximately 60% of the underground workings in the Strieborná Vein on a 1:100 scale and locally on a 1:50 scale, verification sampling using specifically designed channel and panel sampling methods, detailed structural analysis conducted by Doc Ing. Tibor Sasvári of Technical University in Košice, and a mineralogical study conducted by Ľuboslav Maťo of the Geological Institute of the Geologický ústav SAV (Geological Department of the Slovak Academy of Sciences).

AMC received copies of CMX field mapping records and a copy of the report prepared by Eur Ing Zygmunt Jakubiak for CMX, which contains complete results of the verification sampling (Jakubiak, 1994). In addition, the Issuer supplied AMC with a copy of the structural analysis report prepared by Doc Ing Tibor Sasvári (Sasvári, 1994).

Among other information sources, reports on metallurgical testwork and on previous scoping and preliminary feasibility studies were found most helpful in assessing

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prospects for economic extraction of the Strieborná Vein. These sources are referenced in the appropriate sections of this report.

1.2 The Scope of the Personal Inspection on the Property

The author of this report spent approximately six weeks on site supervising the CMX verification programme in September and October 1994. The CMX programme was the last exploration activity on the project site before the underground workings were flooded in 1999-2000. All of the underground workings in the Strieborná Vein remain flooded to the level of the haulage crosscut on the north-western side of Kalvária (see Figure 3.3), precluding access and a possibility of a direct examination of the Strieborná Vein.

1.3 Units of Measurement

The Metric System or System International (SI) is the primary system of measure and length used in this report. Conversions from the Metric System to the Imperial System are provided below for general guidance. Virtually all of the Slovak geological reports and publications used for this report use the SI system but some older data refer to non- metric systems, principally the Imperial System, as the area in question has records of silver production dating back to pre-1921.

Metals and minerals acronyms in this report conform to mineral industry accepted usage. Further information is available online from a number of sources, including web site: http://www.maden.hacettepe.edu.tr/dmmrt/index.html.

The following conversion factors are used in this report:

• 1 hectare = 2.471 acres

• 1 hectare = 0.00386 square miles

• 1 square kilometre = 0.3861 square miles

• 1 metre = 3.28084 feet

• 1 kilometre = 0.62137 miles

• 1 gram = 0.03215 troy ounces

• 1 troy ounce = 31.1035 grams

• 1 kilogram = 2.205 pounds

• 1 tonne = 1.1023 short tons

• 1 gram / tonne = 0.0292 troy ounces / short ton

A more complete list of conversion factors can be found on the following web site: http://www.empr.gov.bc.ca/Mining/Geolsurv/MINFILE/manuals/coding/Hardcopy/appdvii. htm.

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The term grams / tonne or g/t is equivalent to 1 ppm (part per million) = 1000 ppb (part per billion). Other abbreviations include: oz/t = ounce per short ton; Moz = million ounces; Mt = million tonnes; t = tonne (1000 kilograms); wt% = percent by weight; % = ppm/10,000; m = metre; km2 = square kilometres; ha = hectare; BD = bulk density; SG = specific gravity; lb/t = pounds / tonne.

Dollars are expressed in Unites States currency (US$) unless otherwise stated.

Prices of silver are stated in US$ per troy ounce (US$/oz). Prices of copper and antimony are stated in US$ per pound (US$/lb). Prices of iron are stated in US$ per metric tonne.

Unless otherwise stated, all coordinates are provided as grid coordinates of the Slovak JTSK (Unified Topographic System of Krovák). Surface elevations relate to the Baltic Sea Datum. Underground elevations relate to the Adriatic Sea Datum, which was used in Slovakia from 1920 to 1957, and has continued to be used underground thereafter. The Baltic Datum is 0.68m lower than the Adriatic Datum.

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2 RELIANCE ON OTHER EXPERTS

This technical report is based on scientific and technical information and data provided by the Issuer, on the author’s own knowledge of the Strieborná Vein and on his discussions with Dr Hans Madeisky, Vancouver-based consulting geologist who is currently retained by the Issuer as a geological consultant and is a shareholder in the Issuer. Dr Madeisky has provided valuable information on the current status of the property and on the involvement of the Issuer in the Strieborná Project general.

AMC has used the exploration information generated by the Geological Survey as the basis for the current resource estimate. This information was verified by detailed mapping of the underground workings in the Strieborná Vein and verification sampling conducted by CMX under the direction of the author of this report, who was at the time retained by CMX as an independent consultant to design and supervise the programme. Results of that verification work validated the exploration information reported by the Geological Survey. Apart from some academic research, no new geological data has been generated since the CMX verification programme was completed and the author is satisfied the Issuer has provided AMC with the complete exploration information on the Strieborná Vein.

The mineral resource estimate itself was undertaken by AMC Melbourne Geology Group under the supervision of Rod Webster, BSc (Applied Geology), MAusIMM, Principal Geologist and Geology Group Manager – AMC Melbourne, who by his education, professional affiliation and past work experience fulfils the requirements to be a “Qualified Person” for the purposes of NI 43-101.

The author used other scientific and technical information prepared by geologists and/or engineers whose professional status may or may not be recognised under the current NI 43-101 definition of a Qualified Person. The author has quoted the documents he referred to and made every attempt to accurately convey the content of those documents. Whilst he cannot guarantee either the accuracy or validity of the work described in these documents, the author nevertheless believes that the said documents were prepared with the objective of presenting the results of the work performed without any bias or misleading intent. In this sense, he believes that the information presented should be considered reliable and may be used without prejudice by the Issuer.

The author has no legal training or appropriate qualifications to verify the information provided by the Issuer regarding land tenure and underlying legal agreements. The author therefore disclaims any liability to the extent permitted under NI 43-101 for all parts of this report which deal with the current tenure status and other legal and non- technical matters.

The experts whose reports and/or notes have been utilised in the preparation of this report and/or with whom the author had specific technical discussions relating to the Strieborná Project but who are no longer independent of the Issuer are:

Dr Hans E Madeisky, who has provided virtually all scientific and technical information on behalf of the Issuer and in addition verbally reported on his visit to the underground workings in the Strieborná Vein which he made shortly before the mine became flooded.

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Doc Ing Tibor Sasvári, Faculty of Geology of the Technical University of Kosice, conducted a detailed structural study of the Strieborná Vein as part of the CMX programme. He presented his finding in a report that was presented to CMX along with the main verification report. Doc Ing T Sasvári retains his academic post but has been appointed Technical Director of Global Minerals Slovakia s r.o. and therefore is no longer independent of the Issuer.

Eur Ing Dr Corby G. Anderson, QP, FIChemE, CEng, carried out extensive metallurgical testwork on mineralised material from the Strieborná Vein in his capacity as Chief Processing Engineer for Sunshine Mining and Refining Company of Idaho, USA in 1994. Currently, Dr C G Anderson is Director and Principal Process Engineer at the Center for Advanced Mineral and Metallurgical Processing and Research Professor of Metallurgical and Materials Engineering Montana Tech in Butte Montana and is also retained by the Issuer as a metallurgical consultant.

Mr M Zahorec, Chief Executive Officer of Global Minerals Slovakia s r.o. and a director of PIDECO CGF s r.o., translated selected documents from Slovak to English and provided the author with copies of the mining licenses and licence transfer documents related to the Strieborná Project.

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3 PROPERTY DESCRIPTION AND LOCATION

3.1 Property Description

The Strieborná Project encompasses two Mining Licenses, Rožňava I and Rožňava III, located within the cadastre area of Rožňava, ID No. 853011, Rožňava District code 808, Košice Region code 8. The location of the licenses is shown in Figure 3.1 and copies of the relevant documents, with English translations where available, are given in Appendix I. Coordinates of the corner points defining the boundaries of the licences are given in Table 3.1. Mining License Rožňava I covers 71.1254 ha. Mining Licence Rožňava III covers 50.8487 ha. The spatial boundaries are defined by vertical planes projected down from the surface boundaries.

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Figure 3.1 Location of Mining Licenses Rožňava I and Rožňava III

LEGEND

Mining license boundary Level 4 Vein outcrop Level 5 Level 6 Maria Mine access ramp Level 8 Level 1 Level 9 Level 2 Level 10 Level 3 Level 13

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Table 3.1 Boundaries of Mining Licences Rožňava I and Rožňava III

MINING LICENSE ROŽŇAVA I Point Easting Northing R -315,404 -1,240,655 S -315,312 -1,241,030 5 -315,598 -1,241,398 6 -315,621 -1,241,888 7 -316,389 -1,242,252 8 -316,565 -1,241,881 9 -316,336 -1,241,773

MINING LICENSE ROŽŇAVA III Point Easting Northing K -315,339 -1,241,654 L -315,165 -1,241,825 M -315,950 -1,242,732 D -316,368 -1,242,777 N -316,456 -1,242,591 O -316,000 -1,242,450 P -316,000 -1,242,260 7 -316,389 -1,242,252 F -315,500 -1,241,817

The licenses allow the holder to mine polymetallic ores, including iron, copper and silver ores. There is no time limit on the licenses, provided the holder complies with the Mining Law and annual filing / payment requirements. The new Slovak Mining Law requires mining to begin within the five years from the date a Mining License is granted.

The Strieborná Vein is located within the boundary of Mining License Rožňava III. This License document specifically refers to a mining study by Prof Ing J. Hatala (Hatala et al. 1996) and restricts underground mining to below 157m elevation to provide a crown pillar. Mining License Rožňava I covers extensive underground workings on the Mária Vein and exploratory workings on smaller subsidiary veins called Mária I, Mária II and Podložná.

3.2 Property Ownership

Mining Licenses Rožňava I and Rožňava III are held by Global Minerals Slovakia s.r.o. and were acquired through a transfer from PIDECO CGF s.r.o. in May 2007 (Appendix I, Photocopies I/1-I/5).

GML owns 60% of Global Minerals Slovakia s.r.o. and, subject to certain agreements, has the right to earn a further 10% interest up to a total of 70% by expending US$2 Million over two years on obtaining required water, environmental, building,

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mining, and other permits, completing a preliminary feasibility study and on the development of the property.

Global Minerals Slovakia s.r.o. has been certified by the regional branch of the Mining Bureau as being qualified to conduct the permitting process, mine rehabilitation and to plan and execute the eventual mining and processing operations.

The following is general information about mining and exploration Licenses in Slovakia, translated from Tozser (1997):

"Mining in Slovakia is administered by the Main Mining Bureau at the Ministry of Economy, which has five regional mining offices in Bratislava, Banská Bystrica, Košice, Prievidza, and Spišská Nová Ves. According to the Law No. 498/1991 and 453/1992, the Main Mining Bureau (1) oversees mining activities in Slovakia, (2) administers regional mining offices, (3) takes measures concerning rational exploitation of mineral resources, (4) takes measures concerning safety regulations during mining, (5) carries out inspections of mining activities, (6) registers mining licenses and their changes. Regional mining offices: (1) inspect compliance with mining law and safety regulations, (2) inspect mining works and objects, (3) oversee use of explosives, (4) set, modify or cancel mining licenses, (5) permit opening and exploitation of exclusive mineral deposits, (6) permit exploration by underground works, (7) issue permits for construction works in the area of mining licenses. …

... exploration for mineral resources in Slovakia is administered by the Division of Geology and Natural Resources of the Ministry of Environment, Bratislava. The Division is headed by a director and has three main departments: Legal Department, Department of Geological Research and Exploration, and Department of Environmental Geology. According to Law No. 453/1992 the Division: (1) proposes concepts and plans of geological research and exploration, (2) contracts geological works budgeted by the government, supervises their realisation, and approves their results, (3) ensures that results of geological activities are collected, archived and made available to users, (4) approves the reserves of exclusive minerals and issues statements thereof, (5) ensures evidence of exclusive minerals reserves, (6) grants the right to manage deposits of exclusive minerals during the prospection and exploration period budgeted by the government and the right to manage the un-mined deposits, (7) safeguards an integrated system of geological information, (8) issues decisions as to staking, changing and cancelling the claims, (9) issues certificates of exclusive minerals deposits, and in coordination with appropriate governmental institutions protects mineral wealth, (10) issues licenses to firms and individuals to perform geological works, (11) deals with abandoned mines."

3.3 Description of the Existing Underground Workings

A 3D diagram in Figure 3.2 shows the location of the Strieborná Vein (purple-red on the left hand side of the diagram) in relation to the underground workings of the Mária Mine.

The Strieborná Vein is accessed underground through the Mária Mine workings. These were developed on thirteen levels to exploit the Mária Vein and extend from the main

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surface portal at +360m above Adriatic Datum down Level 13 at -170m below Adriatic Datum.

The two parallel veins, Mária and Strieborná, are approximately 650m apart and are connected by southeast trending crosscuts at Level 13 (-170m), Level 10 (-20m), Level 9 (+30m), Level 8 (+80m) and Level 6 (+180m).

In the Strieborná Vein, there are drives on Levels 13, 10, 9 and 8 trending northeast and southwest from the main entry crosscuts. The longest drives are those on Level 13 and Level 10; they extend for approximately 1,300m and 1,350m respectively. The drives on Levels 9 and 8 are relatively short, several metres on Level 9 and about 350m on Level 8.

On Level 13, the southwest drive is in the vein so there are no sampling crosscuts, but there are 40 short sampling crosscuts off the northeast drive. On Level 10 there are 37 short sampling crosscuts off the southwest drive and 21 crosscuts off the northeast drive. On Level 8 there are eight sampling crosscuts off the southwest drive and five crosscuts off the northeast drive.

Figure 3.2 Underground Workings at Mária Mine with Crosscuts to Strieborná Vein (Purple-red)

On Levels 10, 9, and 8 there are also sublevel drives located 8m above the levels and connected to the level by short raises (ore passes). The sublevel drive above Level 10 is about 110m long with three ore passes, the sublevel above Level 9 is about 90m long with two ore passes and the sublevel above Level 8 is about 130m long with three ore passes.

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An approximately 150m long raise connects Levels 13 and 10 and another 100m long raise connects Levels 10 and 8. There is also an approximately 40m long raise above Level 8, located about 20m southwest of the entry crosscut. There are no raises connecting Levels 6 and 9 with the other levels. The upward limit of Strieborná Vein has yet to be determined, but mining, as specified by the current mining license terms, is permitted only up to +157m in order to provide a surface crown pillar.

The main portal of Mária Mine, at +360m, is located at the surface plant area on the east slope of Kalvária-Tri Vrchy ridge, just above the road from Rožňava to Čučma (see Figure 3.3). Near the portal, there is an inclined shaft down to Level 6, and from Level 6 there is a blind shaft down to Level 13, providing access to each of the five haulage crosscuts leading to the Strieborná Vein.

A vertical shaft called Nová Mária is located about 170m south of the main portal and goes down about 70m.

There is a haulage tunnel which starts underground from about 20m down the inclined shaft and heads northwest for approximately 1600m to surface at +340m on the west slope of Kalvária-Tri Vrchy ridge, above road 67 (see Figure 3.3). From here a short drive leads to Rožnavská Baňa, the ŽELBA mill and plant at Nadabula on the west side of Slaná River.

On Level 13, far to the southwest beyond the Strieborná property boundary, the Mária Mine is connected with Level 29 of Sadlovský Mine, which exploited the Sadlovský siderite vein.

According to Mesarčík et al. (1996), the haulage tunnel connected to the inclined shaft was a transport bottleneck and will require upgrading. The mine ventilation system will also require an upgrade when the mine workings are dewatered. MacLeod (1995) comments that based on past experience in Mária Mine combined with the experiences from the exploration programmes on the Strieborná Vein approximately 10% of future workings pass through fault zones and require to have some form of support. Steel supports are used in the current development workings.

3.4 Other Agreements, Encumbrances and Liabilities

The author is unaware of any royalties, back-in rights, payments or other agreements and encumbrances and any environmental liabilities to which the property is subject.

3.5 Required Permits

The Issuer will require a number of permits, such as land use, water discharge, environmental, building and mining operating permits necessary to de-water and re- open the Strieborná Section of the Mária Mine. The Issuer has advised the writer that the appropriate steps are being taken to obtain these permits in a near future.

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4 ACCESIBILITY, PHYSIOGRAPHY, CLIMATE, LOCAL RESOURCES AND INFRASTRUCTURE

4.1 Location, Physiography and Land Use

The Strieborná Project is located at Latitude 48° 40' 29˝ N and Longitude 20° 32' 31˝ E, 2 km to the north of the center of the town of Rožňava in the southern foothills of the Spiš-Gemer Ore Mountains (Spišsko-Gemerské Rudohorie, also locally called the Volovské Vrchy), which form the southern part of the Slovak Ore Mountains (Slovenské Rudohorie) of the Western Carpathians.

Figure 4.1 illustrates physiography of the Rožňava area. The town of Rožňava occupies a low spur ridge between the Slaná River (the broad valley on the left centre of the image) and its tributary called Rožňavský Potok (seen above the name Rožňava) and is flanked from the west and north-east by forested ridges, Tvadova-Turecká (954m) and Rákoš (800m) respectively. The low north trending ridge that separates the valley of the Slaná River from Rožňavský Potok is marked by two high points, one at 478m called Kalvária and another at 581m called Tri Vrchy.

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Figure 4.1 Google Image of the Rožňava Area (Looking North)

The Strieborná property extends from the west flank of the Rákoš hill across Rožňavský Potok to the southern flank of the Kalvária-Tri Vrchy ridge.

The Rákoš hill and the Kalvária-Tri-Vrchy ridge are covered by secondary beech and oak forests, whilst the low ground along Rožňavský Potok is a loosely built-up residential area.

1.3 Accessibility

The property is readily accessible by the tarmac road linking Rožňava with the village of Čučma. Rožňava is a county town with about 20,000 inhabitants linked by good roads with Košice and Poprad (Figure 4.2). The road distance to Košice along Road E571 is

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70 km. Košice is the capital of Košice Self-Governing Region and the second largest city of Slovakia after Bratislava.

The town of Rožňava is situated on the railway line linking Bratislawa with Košice, which operates normal and fast passenger trains as well as goods trains.

The nearest international airport is Košice Airport situated 14 km west of Košice. The companies offering regular flights to and from Košice are Czech Airlines, Tyrolean Airways, SkyEurope Airlines and Slovak Airlines plus ATE, Spanair, Tunis Air, Onur Air, Air Slovakia and Hemus Air during the summer vacation season. Other international airports within an easy reach are in Bratislava, Vienna and Budapest.

Figure 4.2 Sketch Showing Road and Air Communication Links

4.2 Climate

The Slovak Republic lies in the mild zone of subcontinental climate, with distinctive seasonal changes and microclimate depending on elevation. The low ground of the Slaná River valley and its tributaries has mean annual temperature of about 8ºC, with monthly average temperatures ranging from about 0º C in January to 20º C in July and annual rainfall of about 700 mm. The climate is not a factor restricting the length of the operating season.

1.4 Local Resources and Infrastructure

The town of Rožňava is home to a large mining community and has sufficient skilled labour and infrastructure (power, roads and railway) necessary for mining and processing ore from the Strieborná deposit. Rožňava has been a mining town at least since the 13th century, and has a Mining Museum and an Old Mint founded in the 17th century.

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The former Mária Mine site offers ample space for the infrastructure and facilities necessary for ore processing and tailings disposal.

The Košice Region as a whole has its own independent power infrastructure. The most significant power source of the region is the combined coal and gas power station SE – Elektrárne Vojany (EVO I and EVO II) with installed output 12x110 MW. The main distributor of the electric power in the Košice Region is the East Slovak power distributing company Východoslovenská energetika (VSE) Košice.

The local telecom market has about 20 operators and two bodies of mobile telephone stations. In the field of data transmission the region has its data network with the data junctions interconnected with the optical cable network. The city of Košice is the regional centre for the network infrastructure covering the whole region.

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5 HISTORY

5.1 Mining History

In Central Europe mining activities started in Celtic times (Hallstatt culture, pre-500 BC). The oldest written mention of Rožňava dates from 1291 and is in the donation letter of André III, King of the Hungarian Empire, who ceded this region to the Bishop of Estergon. High production of silver from the Rožňava mines was supposed to recover the bishop’s losses associated with his services protecting the interests of the king.

The Mária Vein was among the oldest known and mined vein occurrences in the region. Mining law reforms in 1327 sparked a mining boom in the area in the second half of the 14th century, with the main efforts devoted to the mining of silver, copper and gold.

In the 15th century, there was a crisis in mining due to the exhaustion of surface and near-surface deposits and due to the lack of efficient water-pumping devices. It lasted until the end of the 15th century, when efficient pumping devices were invented and employed in Rožňava mines. Several new processing plants were built and a major mining boom lasted through into the beginning of the 16th century. That was the all-time golden age of Rožňava mining; the prosperity of that period has never been repeated, to a large extent due to exhaustion of shallow oxidised parts of siderite veins with copper, silver and gold. There was a partial revival of mining in the Rožňava area in the beginning in the second half of the 16th century, with iron ore being the main commodity mined.

During the first half of the 19th century the importance of mining activities decreased but the Gemer area remained the leading iron production region in the entire Hungarian Empire. The century of steam brought new technologies to the mines, mainly drilling rods and rail transport. New mining companies were founded but the leading role in those activities was played by the nobility, notably the Andrássy family. Count Andrássy built the iron works in Betliar and Rdnavá in the middle of the 19th century where the siderite and limonite previously considered as waste were profitably re-processed.

In 1900-1909 the Rožnavská Bana iron ore processing plant was constructed by a Hungarian railway company at Nadabula just west of Rožňava across the Slaná River. The impulse for the founding of the plant was a find of rich deposits of siderite ores in Turecká Hill. At the time, it was one of the most modern mining plants in Europe. The Mária Mine operated, with short lasting closures, until the end of the second World War.

In 1946 the Mária Mine and the Rožnavská Bana processing plant at Nadabula became part of the newly established state enterprise Železorudné Bane š.p. (ŽELBA) headquartered at Spišská Nová Ves. Production figures for the Mária Vein from 1951 to 1992 are given in Photocopy II/1 in Appendix II. The deposit provided complex siderite ore with a sulphide component containing silver, antimony, mercury and bismuth.

A detailed account of mining history in the Rožňava area can be found in Kocis et al, 1990.

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5.2 Processing History

The processing history of ore from the Mária Vein is described by MacLeod (1995). Before 1965, Maria ore was transported to Čučma, where it was processed in an old plant. In 1965, flotation ore processing was introduced at the Nadabula plant, where sulphides were floated on one flotation line with the subsequent flotation of siderite, which was previously separated by hand and sorted on sorting machines. In the 1960’s, flotation sulphide concentrates from Maria Mine were sold to Belgian and Japanese smelters. In 1978, siderite flotation at Nadabula shut down due to high diesel fuel consumption. Crushed ore from Mária Mine was transported 40 km north to Rudňaný for flotation of sulphides and siderite by-product was discarded as waste at the tailings site. Sulphide flotation concentrate was stockpiled at Rudňaný. In 1981 the processing plant at Nadabula was reopened after installation of a magnetic separator which was used to process siderite ore from Sadlovský and other mines and to re-process old flotation waste from Mária Mine stored at Rudňaný. Starting in June 1990, all Mária Mine ore was processed at Nadabula until the shut down of mining in 1993.

5.3 Exploration History

The Strieborná Vein was discovered in Crosscut P-1 driven eastwards from Level 13 of the Mária Mine and reaching the Strieborná Vein at the elevation of -163m below Adriatic Datum in 1981 and subsequently explored by the Geological Survey. By 1991, additional crosscuts had been driven between Mária and Strieborná veins at Levels 10 and 6, with driving and channel sampling in the Strieborná Vein at Levels 13 and 10. Mesarčík et al. (1991) reported on exploration work to date and presented estimates of the Strieborná iron, silver and copper resources, which were independently reviewed and approved by the Slovak Geological Bureau in 1992. In 1994, based on the same data but using new resource classification categories, Mesarčík presented revised estimates of the Strieborná iron, silver and copper resources; these estimates were independently reviewed and approved by the Ministry of Environment in 1995.

In 1992, Mesarčík supervised channel sampling along Level 8. At the same time, government subsidised mining of the Mária Vein stopped. The Mária Mine was put on government funded care and maintenance to allow continued access to the Strieborná Vein. In 1993, mining licenses were issued to ŽELBA for the Strieborná and Mariá veins. Government subsidised exploration work ceased in mid-1994.

In 1992 ŽELBA entered into a joint venture with London-based SAMAX Resources Ltd (SAMAX) to assess whether sulphide concentrate stockpiles at Rudňaný could be profitably processed using a recovery process developed by Ausmelt Ltd.

In mid-1994, SAMAX spun off its European assets to CMX Resource Limited (CMX) and the joint venture turned its attention to the Strieborná Vein. The vein was accessed on Level 9 and sublevel drives were developed above Levels 8 and 9. In the autumn of 1994, CMX mapped about 60% of all underground working on the Strieborná Vein and re-sampled the previous channel sample locations to verify results reported by the Geological Survey. In addition, the programme included detailed structural and mineralogical studies (Jakubiak, 1994). CMX presented the results of its work to Sunshine Mining and Refining Company of Coeur d'Alene, Idaho, USA, who conducted

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metallurgical studies using its own proprietary hydrometallurgical process, independent resource / reserve estimation (Bond and Young, 1994) and a mining study (MacLeod), Due to a mounting pressure with respect to local environmental issues, Sunshine Mining and Refining Co. decided not to pursue the opportunity. In 1995, the joint venture between ŽELBA and CMX was terminated along with that the involvement of Sunshine Mining and Refining Co.

Approximately 30,000 tonnes of stockpiled development "ore" from the underground workings in the Strieborná Vein were milled and processed at Rožnavská Bana, resulting in approximately 3,000 tonnes of tetrahedrite concentrate. Fifty tonnes was set aside and largely consumed in metallurgical tests, whilst the remaining concentrate was sold to a Peruvian copper smelter.

Between 1995 and 1997, several academic studies of the Strieborná Vein deposit were undertaken by researchers from the Mining Faculty of the Technical University of Kosice (geostatistical by Blištan (1995), geochemical by Kondela (1997), mining by Hatala (1996)) and by the Institute of Geotechnics of the Slovak Academy of Sciences (hydro- metallurgical study by Florek (1996)).

Mesarčík et al (1996) completed and presented his report on Level 8 exploration of the Strieborná Vein, including updated resource estimates. Ing Mesarčík was a member of the verification team mobilised by CMX but for confidentiality reasons could not include any CMX data in his report.

In 1995, a cost analysis was prepared for ŽELBA by Feichtner Consulting Engineers GmbH of Austria (FCE, 1995). There was an updated in-house cost analysis by Karoli (1997), a member of ŽELBA's staff. Also in 1997, new mining licenses were issued to ŽELBA for Strieborná and new exploration licenses were issued in 1998.

ŽELBA was declared bankrupt in 2000. Its Rožňava assets (land, buildings, etc.) were purchased in 2004 as part of bankruptcy sale by Bana Siderit, subsequently renamed Rudohorská Investičná Spoločnosť). The former ŽELBA mining licenses were put out to tender by the Mining Bureau in January 2006. With the support of the Issuer, PIDECO CGF s.r.o. won the tender and was granted the Mining Licenses Rožňava I and Rožňava III. The Issuer formed a joint venture with PIDECO, which set up a local subsidiary company Global Minerals Slovakia s.r.o., in March 2007. Authorisation for the transfer of the mining licenses was granted on May 30, 2007 in File # 427-1110/2007 of the Mining Bureau at Spišská Nová Ves, and the licenses were transferred to Global Minerals Slovakia as of May 31, 2007.

The verification programme conducted by CMX was the last exploration activity on the Strieborná Vein. Following the dissolution of ŽELBA, the mine was allowed to flood. At present, the Mária Mine and the workings in the Strieborná Vein are flooded, and the Rožnavská Baňa mill has been dismantled, and for the most part removed.

5.4 Historical Resource Estimates for the Strieborná Vein

The historical resource estimates reported by the Geological Survey and referred to in this section predate the release of NI 43-101. The estimates were reported in

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accordance with the resource / reserve reporting system used in Czechoslovakia, which was based on the Soviet system, and later in accordance with a new three-tier system introduced in the Slovak Republic in 1993 (see Photocopy III/1 of Appendix III). These historical estimates are significant because they were prepared by geologists involved in the exploration of the Strieborná Vein under the supervision or by Ing I Mesarčík, who was the principal author of the 1991 and 1996 reports. As employees of the Geological Survey, Ing I Mesarčík and his team were independent of any outside interests.

The estimates of July 1991 were based on exploration results from levels 13 and 10 and on 13 drillhole intercepts and focused on the definition of the iron resource with other elements being treated as by-products. In May 1994, Mesarčík updated those estimates taking into account new exploration data from Level 8.

The resource estimates reported in July 1996 focused primarily on the definition of silver, copper and antimony grades and were based on underground channel sampling and drilling programmes on Levels 13, 10 and 8, which produced true width and grade data for 297 channel sampled sites across the Strieborná Vein, and on 13 drillhole intercepts. Mesarčík divided the vein into 100m x 50m resource blocks in a longitudinal section parallel to the overall strike of the vein (see Photocopy III/2 of Appendix III). Using SURFER software, he estimated true vein widths, grades of silver, copper, antimony and iron and contents of mercury, manganese and silica by two-dimensional kriging with a search radius of 100m and 10 data points per each iteration. The base case estimate was done without a cut-off grade but vein widths of less than 1m were diluted to a minimum width of 1m. The resulting resource was categorised and reported in accordance with the new Slovak resource classification. The results of the 1996 estimate are attached as Photocopy III/3 in Appendix III.

In addition to the global estimate, Mesarčík made estimates using different silver cut-off grades ranging from 90 g/t to 210 g/t. He noted that copper and silver grades are strongly correlated (as these metals are present together in tetrahedrite), and that iron grades have very low variability. Thus, silver+copper and iron grades needed not be considered separately as far as the mineability of the resource was concerned.

Pursuant to a legally mandated protocol, the 1996 resource estimates were independently reviewed and evaluated and then approved and certified by the Mining Bureau of the Ministry of the Environment of the Slovak Republic in 1995 (see Photocopy III/4 in Appendix III).

The July 1996 resource estimate was used in a technical and economic analysis by mining engineer Karoli of ŽELBA, who refers to it as the "geological reserve inventory" of the Strieborná Vein deposit (Karoli, 1997).

Another historical resource estimate, based on the same data, was conducted by Ing. P. Blištan who also used 2-D geostatistical methods and presented the results in his doctoral thesis at the Technical University of Košice (Blištan, 1995).

In November 1994, CMX conducted its own resource estimate solely for internal purposes. The estimate was based on the database generated by the Geological Survey, which CMX verified by independent sampling, and incorporated CMX channel sampling results from Sublevel 9.

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In December 1994, W. Bond (Chief Geologist) and A. Young (Mining Engineer) of Sunshine Mining and Refining Co. conducted their own resource estimate. They used data supplied by CMX, which included the results of the Geological Survey and CMX work. The Issuer has only a summary table of those estimates (Bond and Young, 1994) and therefore it is impossible to ascertain what data and methods were used in those estimates.

5.5 Production from the Property

There has been no production from the Strieborná Vein except for the amount extracted during the underground development, which is estimated at about 35,000t.

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6 GEOLOGICAL SETTING

6.1 Regional Geology

The Strieborná property is located in the eastern part of the Rožňava ore field which belongs to the Gemericum metallogenic province of the Inner Western Carpathians. The Carpathians form the eastward continuation of the Alps.

Figure 6.1 Map of the Main Divisions of the Carpathians (from Wikipedia)

Legend:

1. Outer Western Carpathians 2. Inner Western Carpathians 3. Outer Eastern Carpathians 4. Inner Eastern Carpathians 5. Southern Carpathians 6. Western Romanian Carpathians 7. Transylvanian Plateau 8. Serbian Carpathians

Rivers: a: Vistula; b: Danube; c: Tisza; d: Sava; e: Dniester; f: Prut. Countries (ISO 3166-1 alpha-2 codes): CZ: Czech Republic; PL: Poland; UA: Ukraine; AT: Austria; SK: Slovakia; HU: Hungary; RO: Romania; HR: Croatia; BA: Bosnia and Herzegovina; RS: Serbia; BG: Bulgaria.

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During the Early Palaeozoic, there was a sedimentary trough or a rift basin in the region of the present Carpathians. The Late Palaeozoic Variscan orogeny caused convergence of the basin, tectonised the sediments and emplaced orogenic granitoids. After a short period of epicontinental sedimentation, the Carpathian area was submerged again and marine, mainly calcareous, sediments were deposited from the Early Triassic through the Early Cretaceous, as the Tethys Sea occupied the general position of the Alpides. The main Mid-Cretaceous pulse of the Alpine orogeny caused convergence of the Tethys basin, including strong deformation, nappe overthrusting, igneous intrusions and volcanicity. In the Miocene, there was subsequent magmatism and further pulses of Alpine orogenic movements in the Carpathians. (Grecula, 1994)

The Gemericum terrain is a polydeformed and polymetamorphosed fold belt. The Southern Gemericum is composed largely of Early Palaeozoic volcanogenic flysch (Gelnica Group), which was folded and metamorphosed to chlorite and cummingtonite- hornblende-biotite zones of the greenschist facies during the Late Variscan orogeny. Recrystalllisation in the greenschist facies conditions gave rise to early metamorphic foliation S0 and eventually produced schistosity S1 which remained parallel to bedding. The most characteristic feature of the Variscan orogeny was extensive granitisation and diapiric rise of granitoids which inter alia lead to the development of the northwards- overturned Volovec anticline with granite emplaced in its core.

The Variscan structures are overlain with an angular disconformity by a Permian continental sequence (Gočaltovo Group) prograding to a lagoonal or shallow marine regime during the Lower Triassic. At the beginning of the Alpine development cycle, the Southern and Northern Gemericum amalgamated to form a terrain that was overthrust as a large and complex nappe over the adjacent tectonic-metallogenic unit of Veporicum.

There were four periods of Alpine reworking. The oldest Alpine deformation (D2), which has been dated as post-Triassic on the basis of regional-scale stratigraphic evidence, was transversal to the earlier Variscan structures and involved isoclinal or tight folding with transposition of bedding and schistosity S1 to form pervasive slaty cleavage S2. On a regional scale, this deformation produced nappes with a northward vergency. The S2 cleavage predominates in the rocks hosting the Strieborná Vein system. Implications of transposition are far reaching. Firstly, it has produced lenticular layers of various lithologies, all with a similar orientation and all parallel to cleavage S2. Secondly, any sedimentary siderite beds, if present, have been boudinaged and rotated towards parallelism with the cleavage. Thirdly, most if not all fold closures have been eliminated. And fourthly, stratigraphic sequence is oblique to cleavage S2 and parallel to enveloping surfaces S1, i.e. to tangents of relics of isoclinal fold hinges.

The other three Alpine deformations (D3 - D5) modified the pre-existing structures by further folding and faulting. The last deformation was synchronomous with the development of epigenetic siderite, quartz and sulphide mineralisation within the Gemericum terrain.

6.2 Local Geology

The Rožňava area is underlain by rocks of the Gelnica and Gočaltovo Groups (Figure 6.2).

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The Gelnica Group (Upper Cambrian to Lower Devonian) is subdivided into three formations, which in ascending order comprise Vlachovo Formation, Bystrý Potok Formation (Upper Silurian) and the Drnava Formation (Early Devonian). The Vlachovo Formation does not occur in the Rožňava area. The Bystrý Potok Formation begins with coarse metasediments which are succeeded by siliceous phyllites with intercalations of volcanogenic material, metarhyolite tuffs and tuffites, keratophyre and dacite porphyroids and ends with widespread quartz-sericite and graphite-sericite phyllites, locally with intercalations of acid volcanic material and lenses of carbonates and lydites. Carbonates include stratiform siderite deposits (e.g. siderite deposits at Nižná Slaná). The Drnava Formation consists of metaclastic and porphyroid units. The former comprises coarse- grained metasediments passing upwards into laminated metapsammites and phyllites which locally contain lydites. Porphyroids are metamorphosed rocks resembling sheared porphyries but derived from psammitic sediments and/or pyroclastic rocks of acid composition. The composition of the Gelnica Group is indicative of an island arc origin.

The Gočaltovo Group is subdivided into two formations, with the Lower Rožňava Formation (Early Permian) occurring in the Rožňava area. The overlying Silicikum is a minor nappe system of calcareous Triassic rocks.

The Strieborná Vein, and the adjacent Mária, Mayer, Podložná and Pallag veins, are all hosted in the porphyroid and metaclastic units of the Drnava Formation.

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Figure 6.2 Geological Map of the Rožňava Area

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6.3 Property Geology

From north-west to south-east, Mining Licences Rožňava I and III encompass the following tetrahedrite-bearing siderite/quartz-siderite veins: Mária Vein with subsidiary veins called Mária I and Mária II, Mayer Vein, Podložná Vein and Strieborná Vein (See Photocopies IV/1 and IV/2 in Appendix IV).

The Mária Vein has been mined out down to Level 9. The vein is 1,800m long along strike and extends 750m down dip. It strikes NE-SW, with variable dip of 50°-70° to the NW or SE. Vein thickness is variable, with an average 2.2m and a maximum of 22m. There are two subparallel veins, Mária I and Mária II, alongside the Mária Vein near its north-eastern end.

The Mayer vein was worked in medieval times and opened by Mayer adit and also by headings at Level 6 of the Mária Mine. The vein was followed for 350m along strike and was evaluated as uneconomical along its entire length due to its small width (0.4m on average) and low grades. Strike and dip are parallel to those of Mária Vein.

The Podložná Vein was discovered in a crosscut driven from Level 13 of the Mária Mine, 500m SE of Mária Vein (150m NW of Strieborná Vein in its footwall). At the intersection point, the vein consisted of two parallel vein structures, each 0.7-0.8m in width, mainly filled with siderite and scarce sulphides. The vein was followed by a heading to the SW for 300m. The vein strikes 30-40° and dips 80-85° SE. Average width is 1.65m, maximum width 6.2m. The Podložná Vein extends from the interception in surface hole DH V-RS-13/32-86 to the depth of 45m below Level 13. In author’s view, the Podložná Vein represents a worthwhile exploration target, particularly at levels corresponding to Levels 10 and above in the Strieborná Vein.

The Strieborná Vein is roughly parallel to the Mária Vein, with a strike length of 1,300m defined by driving along the vein on Levels 13 and 10 and a vertical extent of 510m indicated by underground drilling from Levels 6, 10 and 13 and by one surface drillhole. The Strieborná Vein has no surface exposure, although traces of old workings on the south-western flank of Rákoš Hill may follow a suboutcrop of the uppermost fringe of the Strieborná Vein or more likely one of its low grade branches.

Geology of the Strieborná property is shown in Figures 6.3 and 6.4.

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Figure 6.3 Geological Map of the Strieborná Property, Showing the Subsurface Layout of Level 8

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Figure 6.4 Cross Section Through the Strieborná Property

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7 DEPOSIT TYPES

Strieborná is a hydrothermal-metasomatic silver-bearing siderite-quartz vein hosted in Early Palaeozoic metamorphic rocks. The vein is believed to have formed due to the action of metamorphic fluid phases which attacked older stratiform siderite and transported the released metals as hydrocarbonates and complexes with hydrogen sulphide into open structures. Silver, copper, antimony, mercury and bismuth are believed to have been derived from black shales, lydite horizons and metal-enriched precipitates in volcanic complexes.

The main minerals of economic interest are silver-copper-antimony-bearing tetrahedrite and the siderite. The Strieborná vein strikes northeasterly, has a variable dip from 50° NW to sub-vertical and varies in width from 0.5m to 7.1m, averaging about 2.5m. Driving has defined a total strike length of about 1,300m and surface and underground drilling have defined a vertical extent of over 500m. The internal structure of the Strieborná Vein is quite complex but the gross morphology, i.e., strike, dip, fabric and width, is quite predicable.

Other veins in the Rožňava ore field typically have a northeasterly strike, are approximately 1.5 km long and more than 500m in vertical extent. They exhibit an en echelon distribution, and have siderite as the principal ore mineral, often with ladder textures of quartz-siderite infilling. The near surface parts of some veins are characterised by deep oxidation. The presence of tetrahedrite in the Mária and Strieborná veins is distinctive, and perhaps unique.

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8 MINERALISATION OF STRIEBORNA VEIN

8.1 Overview

Photocopies of geological maps of the Strieborná Vein taken from Mesarčík et al. (1991, 1996) can be found in Appendix IV.

The morphology and geometry of the Strieborná Vein have been influenced primarily by two main factors, these being host rock types and brittle deformation. Complex forms and unequal thickness are characteristic on Levels 8 and 9 where the vein passes through quartz-sericite-chlorite phyllites, siliceous psammitic slates and minor folded bodies of dark pyritiferous slates. On Levels 10 and 13, where porphyroids predominate, the vein pattern is more consistent.

8.2 Strieborná Vein on Level 8

High grade silver-copper-antimony mineralisation occurs in a single siderite vein with very abundant and mostly transverse quartz ladder veins. The vein extends for a distance of 200m from Crosscut P-6 SW to Crosscut P-1 NE. Continuity along the strike has been confirmed on Sublevel 8, which follows the vein for a distance of 85m, and vertical continuity has been confirmed in a 40m high raise. The overall strike of the vein is 45° and dips range from subvertical in the south-western part through 75-85°SE between Crosscuts SW P-4 and SW P-2 to 50-55°NW near the Main Haulage Crosscut. To the south-west of Crosscut P-6, the vein peters out or is truncated by a series of low angle faults dipping east. At its north-eastern end, the vein abuts against a subvertical north-striking fault. The width of the vein ranges up to 10m, the average being 6.1m.

8.3 Strieborná Vein on Level 9 and Sublevel 9

The vein exposed in the development workings is morphologically similar to the vein on Level 8 but is enclosed between quartz-sericite phyllites and porphyroids. It has been followed in Sublevel 9 over a strike length of 90m and is open at both ends. From SW to NE, the strike swings from 60° to 25°, the average being 45°. Measured dips are highly variable but the average dip between the sublevel and the level is 76°NW. The width ranges from 8m in the south-western and central parts of the sublevel to 2m near the north-eastern end of the sublevel.

8.4 Strieborná Vein on Level 10

The principal vein is exposed for a distance of 1,350m. The overall strike is about 40- 45°. Dips are variable changing from 65-70°SE near the south-western end of the level to subvertical in the central part of the level and to steep north-westerly dips in the north- eastern part of the level. Vein widths are also variable ranging up to 8m. Quartz ladder veins are less abundant than on Levels 8 and 9, and locally the vein consists of almost pure coarsely crystalline siderite with disseminated tetrahedrite.

Updip extensions have been confirmed in two drillholes in the central part of the level and in two drillholes near the south-western end of the level. Results confirm that while the vein

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dips steeply in the central part (80-85° SE), but indicate that the dip decreases to 40-45° SSE in the south-west.

8.5 Strieborná Vein on Level 13

The vein is exposed over a strike length of 1,300m. Its orientation is in broad terms similar to that on Level 10 and it tapers off towards the end of the Drive South-West. Vein width peaks at 5m but is generally less than on Level 10. As on Level 10, quartz ladder veins are not as abundant as on the higher levels.

Raise Kpl-2, which connects Level 13 with Level 10, begins in the vein footwall and intercepts the vein within the interval of 51m to 75m above the level and then goes through a wide fault zone before reaching Level 10 (see Photocopy IV/18 in Appendix IV).

8.6 Documented Vertical Extent

The Strieborná has been documented over a vertical distance of about 500m from the intersection in surface drillhole V-RVS06 at an elevation of about +190m to the intersection in underground drillhole V-RS-13/20-85 at an elevation of about -320m.

8.7 Strieborná Vein Structure

The mineral paragenesis and internal morphology of the Strieborná Vein is described in great detail by Sasvári and Maťo (1996). Mesoscopic [outcrop scale] analysis of the internal morphology of the vein indicates that the sulphide mineralisation and enclosing rocks have been modified by folding and successive stages of penetrative deformation, shearing, flattening and extension which resulted in tectonic thickening, attenuation and boudinage. Sasvári and Mato distinguish eleven phases of penetrative deformation with mineralising events / periods: D min1 – formation of metasomatic siderite as veins or lenses 20-40 cm thick and up to several m in length. D min2 – appearance of vein structures filled with quartz I and with quartz II, initial stage of hydrothermal mineralisation. D min3 – boudinage of quartz I vein structures and inter-foliation folding of quartz II vein structures. D min4 – formation of hydrothermal veins filled by siderite I; these are the most significant mineralised structures. D min5 – boudinage of siderite veins and inter-foliation folding of siderite veinlets. D min6 – development of ladder veins filled by quartz III within siderite I veins, and boudinage of quartz-siderite vein structures. D min7 – tectonic reactivation, and precipitation of quartz IV in the second generation of ladder structures.

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D min8 – boudinage of quartz-siderite structures, with separated parts connected by intensely mylonitised zones. D min9 – opening of the subvertical fault zones on the contact of siderite I and quartz III- IV within the ladder vein structures, precipitation of hydrothermal epigenetic mineralisation of the first sulphide stage (tetrahedrite I, arsenopyrite I, pyrite) and alteration of mylonitised zones. D min10 – reactivation of subvertical fault zones and intense precipitation of epigenetic mineralisation of the second sulphide stage (tetrahedrite II, arsenopyrite II, chalcopyrite, bismuthinite, gold, covellite, etc.). D min11 – rejuvenation of structures and supergene alteration.

The ladder quartz veining within the siderite veins of the Strieborná structure plays a significant role in the emplacement of sulphide mineralisation. Subvertical fault / fractures opened along the contact between ladder quartz and siderite, and acted as conduits for the ascent of mineralising fluids. The fault / fractures were gradually filled in by sulphide mineralisation. Subsequent deformation reactivated and again opened the sub-vertical fault/fractures. High concentrations of tetrahedrite up to 1m thick were developed locally.

Figure 8.1 Quartz Ladder Veins in Siderite, Note Unevenly Distributed Tetrahedrite (Bluish Black)

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Figure 8.2 Tetrahedrite Deposited Around Quartz Ladder Veins in Siderite

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Figure 8.3 Tetrahedrite Associated with Subvertical Fractures in Siderite Vein

8.8 Strieborná Vein Mineralogy

As described by Sasvári and Maťo (1996), the Strieborná Vein contains shoots with fine to medium grained semi-massive to massive sulphide accumulations. Tetrahedrite is the principal sulphide mineral, with pyrite, arsenopyrite and chalcopyrite occurring in subordinate quantities. Tetrahedrite carries the silver, copper, antimony, bismuth and mercury values of the vein. The chalcopyrite content seems to be higher in the southwestern portion of the vein and at depth and the pyrite content increases with depth. Minor amounts of galena, sphalerite, covellite, magnetite and pyrrhotite are disseminated, or occur in thin veinlets and micro-aggregates. Ullmannite, bismuthinite, jamesonite, boulangerite, gersdorffite (NiAsS), native Bi, gold, stibnite and Pb-Sb-Bi-Cu sulphosalts occur in trace quantities. Locally, in some parts of the vein structure there are also higher amounts of marcasite, bornite, covellite and hematite. All these minerals form subhedral to euhedral grains on a micron to centimetre scale, and are interstitial to or fill fractures within carbonates and quartz.

The principal non-sulphide minerals are medium to coarse-grained siderite and variable amounts of white quartz, which generally forms prominent ladder veins. Coarse-grained calcite, ankerite and muscovite occur in subordinate amounts, along with chlorite, albite, illite, kaolinite and sericite.

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9 EXPLORATION

The Issuer has not conducted any new exploration work on the Strieborná property, nor has its Joint Venture partner PIDECO CGF s.r.o..

Almost all exploration on the Strieborná Vein was conducted by the Geological Survey. It involved underground exploration by means of driving, raising and sampling crosscuts, either directly in the vein or in its footwall with sampling crosscuts at regular intervals to intersect the whole width of the vein. Diamond core drilling was also conducted by the Geological Survey, mainly underground, but was treated as a secondary exploration tool only to confirm the predicted locations of the vein between, above and below the underground workings.

CMX remapped about 60% of all underground workings in the Strieborná Vein and resampled the sites of the previous Geological Survey channel sampling. In addition, CMX conducted a detailed structural analysis based on the examination of small structures and a mineralogical study focusing on the distribution and composition of tetrahedrite. The main purpose of the CMX programme was to verify results reported by the Geological Survey and to identify the productive sections of the Strieborná Vein.

ŽELBA developed the raise above Level 8 and the sublevel drives above Levels 8 and 9. This work was reportedly supervised by ŽELBA geologists but the Issuer has not been able to obtain any records indicating that these workings were mapped or systematically sampled. T Sasvári examined the raise from Level 8 before his involvement with CMX and reported that the raise was entirely in the vein which resembled exposures on Level 8.

CMX mapped Sublevels 8 and 9 and collected channel samples from Sublevel 9. The raise from Level 8 was unsafe to enter and was not examined.

The author supervised the work of CMX but has not conducted any work directly for the Issuer other than the preparation of this report and the resource estimate contained herein.

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10 DRILLING

One surface drillhole and 13 underground holes intersected the Strieborná Vein and its subsidiary structures. Drilling data represents only 2.3% of the total composited sample data.

Drilling was executed using two diamond coring rigs, Toram 2x20 and Diamec-250. Surface drillhole V-RS-6-83 started with 112 mm which was reduced in four steps to 76 mm. All underground drillholes were drilled using a 76 mm diameter double core barrels. The core diameter from 76 mm hole is 48 mm. Locations of collars were surveyed with a theodolite and downhole surveys were recorded with a single shot instrument at regular intervals ranging from 20m to 50m intervals. Core recovery was generally within a range of 90% to 100% except for some holes drilled from Level 13, which at some intervals had recoveries below 50%. Drill logs are of high quality and show core recoveries against drill runs, hole diameter, graphic log, lithological descriptions, structural measurements in relation to core axis, sample intervals as well as surveyed collar coordinates and downhole surveys.

Surface drillhole V-RVS-6 intersected a zone of quartz veining with some siderite and sulphide mineralisation at a depth of 190.5m to 192.3m (+190m elevation) grading 1.1 g/t Ag, 0.007% Cu and 0.003% Sb. According to the Geological Survey, the intersection represents the Strieborná Vein.

DDHs V-RS-6/1-86 and V-RS-6/2-86 collared on the 6 Level and drilled towards the 8 Level intersected high grade mineralisation at the elevations of +49.7m and +61.8m respectively. The intersections returned 288 g/t Ag over 3.1m and 667 g/t Ag over 2.2m respectively. The latter is located beyond the folded vein closure, indicating a possible new extension of the Strieborná Vein structure.

Horizontal drilling at the north-eastern end of Level 10 gave mixed results. DDH V-RS- 10/1-89, drilled 50m westwards, was barren. DDH V-RS-10/2-89, drilled 50m eastwards, intersected a meter wide siderite vein carrying 471 g/t Ag. This intersection is located 65m beyond the folded vein closure on the 10 Level and appears to correlate with thin veins exposed in Crosscuts P-13 and P-22 (beyond the mapped area).

DDHs V-RS-10/5-89 and 10/6-89, collared in Crosscut P-6 off Drive South-West on the 10 Level and drilled north-westwards towards the 9 and 8 Levels, both intersected low grade mineralisation. The lower intersection at an elevation of +17m was hosted by porphyroids whilst the upper intersection at +53m was in quartz-sericite phyllites. DDDs V-RS-10/7 and 10/8 drilled upwards from crosscut P-20 near the south-western end of the vein indicate dip flattening above Level 10 (see Photocopy IV/10 in Appendix IV).

Four drillholes from the Main Haulage Crosscut on the 13 Level (RVS-13/1-1-81, RVS- 13/2-81, RVS-13/5-82 and RVS-13/6-82), arranged in an ESE-facing fan, intersected the Strieborná Vein above and below the level (see Photocopy IV/19 in Appendix IV). Although some samples returned good grades, the overall grades of those intersections were poor. However, as core recoveries were low (42% to 68.7%), those intersections can serve only as indications. The deepest intersection of what the Geological Survey considered to be a downward extension of the Strieborná Vein was made in DDH V-RS- 13/20-85 which returned low grades over an apparent width of 3.2m.

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11 SAMPLING METHOD AND APPROACH

11.1 Underground Channel Sampling

The Geological Survey sampled underground workings using conventional channel sampling technique with the sample length of up to 2m. Channels were 20 cm wide and 5 cm deep and were cut along side walls or backs of crosscuts and drives using a jack hammer. Where the vein width was less than 1m, both the footwall and the hangingwall were also sampled. In addition, grab samples were taken for bulk density tests and special tests Locations of the Geological Survey samples, often with still legible painted numbers, were visible during the CMX verification programme and noted on the CMX geological maps.

Channel sampling spacing along drives averaged about 5m. In places where vein was wider than the width of drives, crosscuts were developed to expose the whole width of the vein. The distance between these crosscuts does not exceed 25m. In the author’s opinion, the sample spacing is sufficient to determine short-range grade variability.

Sampling techniques used by CMX are described in Section 13.2.

Because the underground workings are flooded, the Issuer has not collected any new samples from the property.

11.2 Drill Core Sampling

All intercepts of siderite, siderite-quartz and quartz veins, with or without sulphides, were marked up for sampling. Adjacent intervals in the hangingwall and footwall of each intersection were also selected for sampling. Drill core was sawn in half along the core axis. One half core was sent for sample preparation and analysis and the other to the Geological Survey sample archive store in Spišská Nová Ves.

Field duplicates for the underground channel samples from Strieborná were submitted to the Geological Survey, as mandated by the then extant regulations.

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12 SAMPLE PREPARATION, ANALYSES AND SECURITY

Channel and drill core samples were crushed, homogenised, split and pulverised to 0.09 mm at the Geologický Prieskum laboratory in Spišská Nová Ves. One split was retained for storage and the second split used for assaying. Crushing was done in stages but without sample volume reduction until the crushed particle size was less than 1 mm. This sub-sampling technique is considered suitable for the Strieborná mineralisation, in which tetrahedrite (the main carrier of silver, copper and antimony) is unevenly distributed.

All samples were analysed for iron, copper, antimony, bismuth, mercury, silver, manganese and silica at the Geologický Prieskum laboratory in Spišská Nová Ves. Samples were digested using combined and alkalic digestion. The following analytical methods were used: F-AAS (flame atomic absorption), AAS-ETA (AAS with electrothermal atomisation), AAS-TGH (AAS - hybrid generation technique), AAS-AMA (mercury analyser), AES-ICP (atomic emission spectrometry - induced coupled plasma), RFS (x-ray fluorescence spectrometry). The detection limits for the key elements are given in Table 12.1.

Table 12.1 Analytical Detection Limits Reported for Silver, Copper, Antimony, Iron and Mercury (Mesarčík et al, 1996) Detection Analytical Element Limit Method ppm Ag 0.04 AAS-ETA Cu 0.1 AES-ICP Sb 0.05 AAS-TGH Fe 1 F-AAS Hg 0.01 AAS-AMA

A complete quality spectral analysis assay was later added, using composite samples created by mixing channel samples over specific intervals of the underground development workings on either side of the central access crosscuts. Samples from DH V-RVS-7-93 were also composited for the same purpose. These samples were assayed for the above mentioned elements and in addition for arsenic, sulphur, potassium, calcium oxide, magnesium oxide, lead, zinc and gold. The composite grades compared reasonably well with the average grades of the global resource (without a cut-off grade applied) estimated by the Geological Survey for the Strieborná Vein (Mesarčík et al., 1996).

Internal control analyses were done for approximately 11% of the samples. External analyses were done on approximately 6% of the samples in Turcianske Teplice and at the Geoenvironmental Laboratories at Spišská Nová Ves. The Geological Survey used its own rather elaborate system to analyse results of control analyses for various elements. Allowed tolerances varied up to 10% of the original analysis, depending on the analysed element and its content. About 20% of iron analyses exceeded the allowed tolerances. Silver, copper, and antimony analyses exceeded the allowed tolerance limits only at very high concentration levels (> 1500 g/t Ag, >5% Cu, >4% Sb). For instance, sample SZJ-8/2C from Level 8. It originally yielded 1565 g/t Ag. Internal and external

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control analyses gave 1430 g/t and 1454 g/t respectively. The allowed tolerance was 100 g/t. Mercury analyses were all within the allowed tolerance limits.

AMC has applied top cuts for silver, copper and antimony grades (see Section 16.3). Therefore high grade samples for which the Geological Survey’s tolerance limits were exceeded have no material impact on the current resource estimate. From the economic standpoint, iron is only a by-product, which may and may not be sold to the pelletising plant at Nová Slana and therefore exceeded tolerance limits with respect to iron for about 20% of the samples is considered to be an insignificant risk factor.

The Geological Survey determined bulk density on waxed samples, which comprised 60 samples from Levels 10 and 13 and 24 samples from Level 8. Bulk density correlates with the iron content; the correlation coefficient is 0.83. The Geological Survey developed the formula based on a linear regression and used that formula in its tonnage estimates. The formula is: y = 2.5977 + 0.027071 x Fe (%)

AMC has also used the same formula in its tonnage estimates reported in this technical report.

Using the same samples, the Geological Survey also conducted average moisture content tests. The average moisture content is less that 0.1%.

Samples for special tests were used for thin and polished sections. Samples selected for petrological studies were also analysed for lithium, lead, boron, strontium, bismuth, zircon, yttrium, rubidium, silver and carbon dioxide. Mineralogical samples were analysed for arsenic, zinc, copper, iron, antimony, silver, bismuth, mercury, lead, gold, nickel, cobalt and sulphur. Quantitative tests of ore minerals were conducted using a JEOL 733 Superprobe.

In the opinion of the author of this report, sample preparation, sub-sampling, analytical methods and procedures and well as quality control measures were adequate for an unbiased estimation of the Strieborná Vein resource.

In its programmes, the Geological Survey’s followed security protocols, which restricted access to drill sites and underground working to authorised personnel only and required that all sample duplicates be delivered for storage at the Geological Survey’s sample storage warehouse at Spišská Nová Ves. The Issuer has confirmed that all channel and drill sample duplicates were at the warehouse when the mining licences were transferred to Global Mineral Slovakia s.r.o. and have since been transferred to a storage facility at the technical University in Košice.

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13 DATA VERIFICATION

13.1 CMX Verification Mapping

Detailed geological mapping by CMX confirmed the Geological Survey’s overall geological interpretation of the Strieborná Vein system as a single vein shaped like a propeller with its south-western and north-eastern blades dipping SE and NW respectively whilst the central part is subvertical. The CMX mapping was far more detailed (1:100 scale, and locally 1:50 scale as compared the Geological Survey 1:500 maps) which enabled the plotting in extreme detail of the majority of outcrop scale structures and very intricate fault patterns. Examples of CMX mapping sheets are attached in Appendix V.

The verification mapping revealed several very important features which should be taken into account in any future work (Jakubiak, 1994):

• The north-eastern end of the vein is an attenuated isoclinal fold closure which either mimics the overall structural pattern of the host rocks that have undergone isoclinal folding and transposition of bedding during an early Alpine deformation episode or means that the vein had already existed before that deformation phase. Estimates based on coordinates of this closure on Levels 8, 10 and 13 Levels give an overall plunge of 31° towards N33°E between Levels 8 and 10 and 52° towards N13°E between Levels 10 and 13.

• Tetrahedrite mineralisation was preceded by the emplacement of quartz ladder veins in what was essentially a monomineral siderite body. During late stages of brittle deformation, a complicated system of fractures developed along the margins of quartz ladder veins and within siderite and two generations of tetrahedrite were deposited in these fractures. The younger tetrahedrite is accompanied by arsenopyrite, pyrite, chalcopyrite and several other sulphides and sulphosalts. The fact that chalcopyrite postdates the tetrahedrite mineralisation and is found replacing and enclosing tetrahedrite grains may be an important factor affecting leaching properties of the ore.

• The intensity of the mineralisation is a function of the intensity of brittle deformation which was controlled by the ductility of the host rocks. Accordingly, the richest mineralisation developed in those parts of the vein which are hosted by relatively incompetent quartz-sericite phyllites whilst lower grade mineralisation developed in parts of the vein hosted by competent porphyroids. Ore shoots are likely to be parallel to axes of internal boudins within the vein which plunge at low angles SSW.

• Characteristics and intensity of tetrahedrite mineralisation change with depth. High grades on Levels 8 and 9 coincide with dense fracture- hosted tetrahedrite and to a lesser degree with tetrahedrite emplaced in hydrothermal breccias (Sublevel 8 in particular) and along contacts of quartz ladder veins. Silver-copper-antimony grades decrease with depth and as a result high grades on Levels 10 and 13 are confined to isolated pockets with fracture-hosted tetrahedrite mineralisation and to a lesser degree with tetrahedrite emplaced along contacts if quartz ladder veins and as isolated massive pods in siderite.

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• Owing to heavy faulting, definite correlation between Levels 13 and 10 is virtually impossible without further vertical raise development or closely spaced diamond core drilling.

13.2 CMX Verification Sampling

During its verification programme, CMX collected two sets of samples. The first method involved cutting 15 cm by 5 cm channels of 1m length at 1m intervals perpendicular to channel samples cut by the Geological Survey. These samples are referred to as CMX channel samples. Analytical results for samples representing each vein intersection were averaged to obtain the mean intersection grade which was compared to the grade of the Geological Survey channel.

The second method was a variation of the panel sampling method. Each sample represented a panel of 1m by 1m centred on a CMX channel sample. A template grid consisting of diagonal lines at 20 cm intervals was placed on each sampled panel and 5 cm deep cone-shaped spot samples were taken with a moil and hammer from the intersections of the grid lines and collected in a single bag. These samples are referred to as panel samples.

Figure 13.1 Log Probability Plot of CMX Channel Samples

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Figure 13.2 Log Probability Plot of Geological Survey Channel Samples

Figure 13.1 shows a log probability plot for silver in 68 CMX channel sample composites, each composite representing the full width of the vein. Figure 13.2 shows a log probability plot for the corresponding weighted means of the Geological Survey channel samples. The plots demonstrate that the CMX sampling technique gives more consistent results. Furthermore, the CMX samples returned a higher average grade. The Sichel’s mean1 of the CMX sample composites is 283.7 g/t as opposed to 253.5 g/t obtained from the Geological Survey samples. Copper, antimony and mercury grades gave very similar results.

In the opinion of the author, CMX channel samples give more representative results on higher levels (Level 8 and 9) where the siderite vein contains quartz ladder veins oriented at high angles to the strike of the vein.

Panel sampling results were broadly comparable to the CMX channel sampling results and suggested that panel sampling was better at defining the grade on Level 13 and in parts of Level 10 where tetrahedrite occurs as scattered blebs and pockets in siderite.

On the whole, the results of the CMX sampling indicated that the Geological Survey sampling results tend to understate silver, copper, antimony and mercury grades by at least 10%.

1 The Sichel’s mean is preferred to arithmetic mean as an estimator of lognormally distributed populations.

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13.3 Repeat Analyses

Madeisky and Chernavska, who visited the underground workings in the Strieborná Vein in 1998, submitted splits of original channel sample rejects for re-analysis. Except for sample SZ-8B, results of those analyses (Table 13.1) corroborated the original analytical results reported by the Geological Survey (Madeisky and Chernavska, 1998). Omitting this sample, the Chemex analyses average 872 g/t Ag and 3.42% Cu, whilst the Geological Survey’s analyses for the same samples average 851 g/t Ag and 3.76% Cu respectively.

Table 13.1 Comparison of Geological Survey Analyses with 1998 CHEMEX Labs Ltd. Analyses for Channel Samples from Level 8 Above 210 g/t Ag Cut-off Grade Sample 1996 1998 1996 1998

Number Geol Surv Chemex Geol Surv Chemex

Ag (g/t) Ag (g/t) Cu (%) Cu (%)

SZ-8A 234 274 0.910 0.991

SZ-8B 319 148 1.253 0.532

SZJ-8/2A 321 294 1.365 1.142

SZJ-8/2C 565 1750 7.350 7.040

SZJ-8/5E 1099 1030 4.596 3.980

SZJ-8/5F 1037 1010 4.579 3.930

Whilst the CMX verification sampling gives a measure of the total variability, this being the sum of sampling, sub-sampling and analytical variability, the Chemex results on crushed sample splits give a measure of the combined sub-sampling and analytical variability. A set of six samples is not sufficiently large to fully assess that variability, but the results shown above do indicate give a measure of comfort in the Geological Survey’s sample preparation technique.

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14 ADJACENT PROPERTIES

There are no mineral properties adjacent to the Strieborná deposit, which are currently under exploration, under development, or in production

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15 MINERAL PROCESSING AND METALLURGICAL TESTING

As already mentioned in Section 5.3, approximately 30,000 tonnes of stockpiled "development ore" from the exploration and development drives, crosscuts and raises in the Strieborná Vein were processed at ŽELBA's Rožňavská Bana mill at Nadabula in 1993. Two flotation concentrates were produced, about 14,000 tonnes of siderite and about 3,000 tonnes of tetrahedrite (MacLeod, 1995). The concentration ratio for siderite was about 2:1, while the ratio for tetrahedrite ranged from 10:1 to 12:1. Metal recovery rates were approximately 70% for iron and 95% for copper and silver. (FCE, 1995). These ratios and recovery rates, based on the processing of the Strieborná "development ore", are also consistent with ore from the Mária Vein which is mineralogically very similar to the Strieborná Vein (Mesarčík et al., 1991, 1996).

The siderite concentrate was transported to ŽELBA's subsidiary Siderit Nizná Slaná for processing into iron ore pellets. About 50 tonnes of the tetrahedrite concentrate was shipped to another of ŽELBA's processing facilities at Rudňaný for use in metallurgical pilot tests. The remainder was stockpiled at Nadabula, and then sold in 1996 via a concentrate broker to a Peruvian smelter (Karoli, 1997).

The parameters for saleable siderite concentrate are set by the buyer, Siderit Nižná Slana, and specify maximum moisture content, a specific grain size range, and maximum sulphide content. Apart from ensuring that the maximum moisture content is not exceeded, producing siderite from Strieborná "ore" does not appear to pose a technical challenge (MacLeod, 1995; FCE, 1995).

The tetrahedrite concentrate from Strieborná contains significant amounts of antimony, arsenic and mercury in addition to silver, copper and minor gold. This concentrate exceeds the maximum limits for antimony and mercury content set in 1986 by European smelters. As a result, a variety of techniques for removing antimony and mercury from the tetrahedrite concentrate have been investigated by the Institute of Geotechnics of the Slovak Academy of Sciences, at the behest of ŽELBA. These processes included volatilising by roasting, nitric acid leaching, chloridising roasting, and cyclone smelting (Balaz, et al., 1997). None of these processes achieved the desired results.

However there appears to be a promising hydro-metallurgical technique referred to as mechano-chemical leaching. This process involves simultaneous grinding and alkaline leaching of the tetrahedrite concentrate in an attritor. In an alkaline leach containing Na2S and NaOH, the antimony, arsenic, mercury and tin contained in tetrahedrite form soluble complexes, while the copper, silver and gold remain insoluble in the residue.

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A pilot test carried out at ŽELBA's Rudňaný plant on tetrahedrite concentrate from the Strieborná Vein, using this hydrometallurgical process (developed by the Institute of Geotechnics of the Slovak Academy of Science) demonstrated the effectiveness of mechano-chemical leaching (Balaz, et al., 1997):

Element Concentrate Residue received from mill after treatment Cu wt% 27.36 26.00 Sb wt% 15.93 0.26 S wt% 27.76 27.49 Fe wt% 14.58 16.46 Bi wt% 0.33 0.33 As wt% 1.02 0.27 Hg wt% 0.74 0.11 Ag g/t 3,900 3,376 Au g/t 5.7 5.9 Na wt% 0.43 2.25

The leached residue, in effect a new Cu-Ag-Au concentrate, meets the current specifications of the Krompachy copper smelter (located about 40 km northeast of Rožňava), especially with respect to the requirement that antimony content of the concentrate must not exceed 1.0 wt%.

Similar results have also been achieved by Sunshine Mining and Refining Company, using its proprietary hydrometallurgical process on the tetrahedrite concentrate from the Strieborná Vein (FCE, 1995).

Anderson (2007) describes the Sunshine process as follows:

“The ore will be crushed and ground to liberate the minerals to about 80% passing 200 mesh. Then the ore will be subjected to selective flotation in an industrial rougher, scavenger and cleaner cell circuit.

It is projected that the flotation process will recover 90-95% of the tetrahedrite bearing Ag and Cu. This is projected to produce about 20 to 25 tonnes of concentrate per day grading 25-30 % Cu, 15-20% Sb, 0.75-1.0 % Hg, 4000-5000 g/T Ag and 5-10 g/T Au.

The flotation concentrate will be treated for selective removal of antimony, arsenic and mercury using alkaline sulphide hydrometallurgy as practiced industrially for fifty years. From this, antimony metal or value added antimony products will be produced. Arsenic will be precipitated and stabilised as scorodite or ferrihydrite. Mercury will be precipitated and stabilised as a polymeric solid. Both the mercury and arsenic stabilised solids will be manifested in a managed waste facility. The gold from the concentrate may also be produced in this process thus avoiding the use of cyanide. As well, value added by- products such as sodium sulphate, caustic, sulphuric acid or ammonium sulphate fertiliser may also be produced from this process as desired. All waste water from this process will be recycled or directly treated to meet applicable discharge standards.

The concentrate with the mercury, antimony, gold and arsenic removed will then be treated using industrial nitrogen species catalysed pressure leaching and hydrometallurgy. This non cyanide industrially proven process will produce high quality

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copper cathode and either 999.5, 999.9 or 999.99 purity silver. Elemental sulphur produced will be recycled back to the alkaline sulphide plant. All waste water from this process will be recycled or directly treated to meet applicable discharge standards. It is anticipated that any by-product solids from pressure leaching which will contain valuable metals and bismuth will be shipped to a smelter for further processing.”

The important difference between the Sunshine process and the process under development by the Slovak Academy of Sciences is that the former has a long operating history, whereas the latter has not yet been processed beyond the pilot plant stage.

The Issuer intends to conduct further tests to define a process flow design criteria and costs based on the application of the Sunshine process. At this stage, the author is satisfied that the Strieborná Vein mineralisation has sufficient likelihood of economic processing to support classifying the estimates tonnages and grades as mineral resources.

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16 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

16.1 Data Provided

The current mineral resource estimate prepared by AMC is based on the Excel database provided by the Issuer. The database contains 416 underground channel samples, including 412 samples taken by the Geological Survey from Levels 13, 10 and 8, and four channel samples taken by CMX from Sublevel 9. Of these, 394 samples represented the Strieborná Vein and AMC used these samples to constrain contacts of the vein. The remaining samples represented small subsidiary veins which are not included in the current mineral resource estimate. In addition, AMC examined documentation of 49 drillholes and established that 13 underground drillholes intersected the Strieborná Vein and one surface drillhole intersected a low grade quartz- siderite vein which can at this stage be only tentatively correlated with the Strieborná Vein. Four underground drillholes (V-RS—10/5-89, V-RS-10/6-89, V-RS-10/7-89 and V- RD-10/8-89) did not have complete survey data and were excluded from the estimate.

In addition to the sample database, the Issuer provided:

• Detailed geological maps of Levels 8, 10 and 13 and of Sublevel 9, with plotted locations of channel samples and drillholes and detailed geological maps of Level 9 and Sublevel 8, which were not sampled.

• Sections showing the surface and underground drillholes and Raise Kpl-2 connecting Level 13 with Level 10.

• Reports detailing all previous resource estimates.

• Plans showing the underground development workings in the Strieborná Vein and in its immediate vicinity.

• Digitised plans of all level developments in AutoCAD format.

A full list of all of the channel samples and drillholes used in the estimation is given in Appendix VI.

16.2 Data Validation

The Excel database provided by the Issuer contained X, Y and Z coordinates of centre points of all channel samples and variable data, including sample lengths and analytical results for iron, silver, copper, antimony, mercury and incomplete results for manganese and silica. Datamine software requires that sample data be presented in a 3D vector format represented by coordinates of the point of origin of a line of samples or a drillhole and by survey information consisting of azimuth and dip measurements sequenced in terms of increasing distance from the point of origin.

Each channel sample was individually checked against its plotted position on the maps to obtain the east-west and north-south coordinates of the point of origin and the sample azimuth. All channel samples were assigned the zero (horizontal) dip. Sample lengths recorded in the Excel spreadsheet were also checked in the process and corrected wherever required.

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A number of channel samples, mainly on Level 10, were taken from drives which did not expose the full width of the vein. A statistical analysis on these samples indicated that they represented the same population as the samples taken from crosscuts across the whole width of the vein. The samples were adjusted to represent the full width of the vein by weight averaging the grade of each of the sample across the full vein width interpolated between sampling crosscuts.

The channel samples were imported into Datamine as ch_db.dm. Basic Datamine checks were performed on the desurveyed channel samples and all errors revealed in the process were logged and resolved.

As a final check, all channel samples were checked against the digital level development plans. This revealed that channel sample locations were generally offset in relation to the plotted underground openings. The offsets varied from 0.5m in central portions of the level plans to more than 2.5m near the margins. It was assumed that the discrepancies reflected shrinkage of the original paper plans. The plots of the level workings were translated by the required distances to fit the locations of the channel samples.

The final combined channel sample and drillhole file used for the resource estimate was saved as drill.dm.

16.3 Modeling Process

The modeling of the vein was carried out as follows:

• Strings linking the channel samples on each level and strings linking drillhole intercepts between the levels were defined by silver mineralisation and iron content, the latter being the most reliable indicator of the siderite host vein. Strings were drawn in plan and snapped to the vein intercepts in the channel samples and drillholes. The detailed geological maps helped define the vein contacts were samples had not been taken.

• The strings were then connected to form a wireframe defining the vein outline.

• Using the wireframe, drillhole and channel sample intersections within the mineralised zone (wireframe) were selected.

• A single cell (easting) block model with block sizes of 2m North x 20m RL x width of vein East was created. The 2m north block size was based on channel sample spacing being approximately 2 – 10m apart. The spacing between levels varied between 10 – 150m, including the limited drillhole intercepts. Sub-celling in the Y and Z direction allowed the blocks to honor the wireframe boundary.

• The model was then translated to a vertical plane parallel to the approximate overall 50º strike of the Strieborná Vein. This ensured the resource could be estimated using 2D method.

• A top cut was applied to all raw samples based approximately on limiting the grade to the 99th percentile of the grade distribution. The top cuts were: set to: Ag=1000g/t, Cu=5%, Sb=3% and Hg=0.1%.

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• The channel sample and drillhole data selected within the vein wireframe were composited to the total vein width.

• Apparent vein horizontal east-west widths were calculated for each drillhole intercept based on the general vein strike of 50º and dip of 89º.

• These intercepts were then translated to the plane striking 50º (the same as the block model).

• Silver, copper, antimony, mercury and iron accumulations were calculated by multiplying the grade by the apparent horizontal width.

• Apparent horizontal widths and silver, copper, antimony, mercury and iron accumulations were estimated for blocks within the model using Ordinary Kriging.

• The block model silver, copper, antimony, mercury and iron grades were back calculated by dividing the estimated accumulation by the estimated apparent horizontal width. 0 • Due to translating the block model into a 2 dimensional plane striking 50 and the large parent cell size in the Z direction, block grades were allowed to be estimated into the sub-cells.

• The volumes of the vein depleted during development were approximately estimated using the development plans provided. The depleted volumes make up less than 2% of the current mineral resource and have not been deducted from the estimated mineral resource. The depleted volumes should be defined within the vein and excluded from the mineral resource at a Preliminary Feasibility Study stage.

• The mineral resource is reported within the perimeters defined by the wireframe based on vein contacts and without a specific cutoff grade. The author of this report considers that the form of the vein and the mean silver, copper, antimony and iron grades are such that the Strieborná Vein has reasonable prospects for economic extraction in its entirety.

16.4 Drillhole and Channel Sample Statistics

The raw drillhole and channel sample assay statistics for the samples located within 394 channel samples and 10 drillhole intercepts (listed in Appendix VII) which are used in this estimate, is shown in Table 16.1. As mentioned earlier, some channel samples and drillhole intercepts were excluded as they were interpreted to be veinlets or intersections of subsidiary veins. Differences in grade statistics between channel samples and drillholes were noted, but as the drillholes make up a very small proportion of the database these differences were deemed immaterial. However, it should be noted that infill drilling between the present underground development openings will generate data of higher variability (and lesser reliability) than underground channel sampling. All data analysis, vein modelling and resource estimation has been completed on a combined database.

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Table 16.1 Raw Channel Sample and Drillhole Statistics

FROM TO LENGTH AG g/t CU % SB % HG % FE % SIO2 % Number 526 526 526 525 526 525 524 526 56 Minimum 0 0.1 0.1 0 0 0 0 0 1.55 Maximum 190.5 192.3 9.693 3293 15.07 8.992 0.266 42.83 74.48 Mean 7.051 9.223 2.172 175.179 0.859 0.552 0.013 30.594 30.14 Median 0 2.3 1.7 95.5 0.48 0.274 0.004 34.01 18.85 Std Dev 22.685 22.534 1.795 273.123 1.275 0.817 0.025 10.397 25.726 Variance 514.592 507.769 3.223 74596.42 1.626 0.667 0.001 108.104 661.85 Std Error 0.043 0.043 0.003 0.52 0.002 0.002 0 0.02 0.459 Coeff Var 3.217 2.443 0.827 1.559 1.485 1.48 1.996 0.34 0.854 Probability plots of silver, copper, antimony, mercury and iron are shown in Figures 16.1 to 16.5.

These plots suggest there is one population of the grade, except for iron. It was noted in the mapping of Level 8 and Sublevel 9 that the vein was dominated by quartz ladder veins, thus lowering the amount of siderite. This is also confirmed in the statistics from data on Level 8 and Sublevel 9, where the mean iron grade is significantly lower (mean grade of 20%) than the global grade (mean grade of 30%).

Figure 16.1 Probability Plot for Silver Grades

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Figure 16.2 Probability Plot for Copper Grades

Figure 16.3 Probability Plot for Antimony Grades

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Figure 16.4 Probability Plot for Mercury Grades

Figure 16.5 Probability Plot for Iron Grades

The channel sample and drillhole assay statistics composited across the vein width are shown in Table 16.2.

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Table 16.2 Composited Sample Statistics

LENGTH m AG g/t CU % SB % HG % FE % HORTHK Number 404 404 404 404 404 404 404 Minimum 0.1 0.1 0.001 0.001 0 0 0.099 Maximum 24 1000 5 3 0.1 41.7 9.043 Mean 2.831 171.147 0.848 0.554 0.012 32.084 2.568 Median 2.2 114 0.55 0.34 0.005 34.24 2.078 Std Dev 2.342 188.992 0.923 0.617 0.017 8.094 1.898 Variance 5.484 35717.99 0.851 0.38 0 65.515 3.601 Std Error 0.006 0.468 0.002 0.002 0 0.02 0.005 Coeff Var 0.827 1.104 1.088 1.114 1.446 0.252 0.739

Probability plots of composited silver accumulation, copper accumulation, antimony accumulation, mercury accumulation, iron accumulation and horizontal vein width are shown in Figures 16.6 to 16.11.

Figure 16.6 Probability Plot for Composited Silver Accumulations

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Figure 16.7 Probability Plot for Composited Copper Accumulations

Figure 16.8 Probability Plot for Composited Antimony Accumulations

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Figure 16.9 Probability Plot for Composited Mercury Accumulations

Figure 16.10 Probability Plot for Composited Iron Accumulations

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Figure 16.11 Probability Plot for Horizontal Vein Width

16.5 Variogram Analysis

After translating the data to a vertical plane striking 50º a variogram analysis was carried out on horizontal vein width, silver accumulation, copper accumulation, antimony accumulation, mercury accumulation and iron accumulation to provide the estimation parameters. As there were limited data in the vertical direction it was not possible to obtain meaningful variograms in that direction. Therefore the results from the horizontal variograms were also applied to the vertical direction.

Table 16.3 lists the 2 structure variogram parameters used.

Table 16.3 Variogram Parameters Variogram Nugget Range 1 Sill 1 Range 2 Sill 2 Horizontal width 0.28 95.98 0.21 302.22 3.11 Silver Accumulation 28319 81.81 290163 607.66 389729 Copper Accumulation 0.14 40.87 8.22 738.33 8.95 Antimony Accumulation 0.2 38.28 3.36 674.28 3.67 Mercury Accumulation 0.00007 42.45 0.0021 669.06 0.0036 Iron Accumulation 356.83 215.63 49.68 251.84 4541

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To ensure the best estimation of the grade after dividing the estimated accumulations by the estimated width, the same search parameters were used for both the accumulations and horizontal width.

16.6 Block Model

The block model parameters used to define the mineral resource are listed in Table 16.4.

Table 16.4 Block Model Parameters

Model Parameters Easting Northing RL Origin -1400 -2800 -400 Number of cells 1 500 45 Cell size (m) variable 2 20 Minimum sub cell size (m) Variable 0.5 5

16.7 Mineral Resource Estimation Method

Ordinary Kriging (OK) was selected as the estimation method as generally the kriging method is globally unbiased in weighting samples.

16.8 Mineral Resource Estimation Parameters

Table 16.5 lists the search and estimation parameters used to estimate all accumulations, grades and horizontal widths. Grades were allowed to be estimated into sub-cells. The number of samples used to estimate a cell was set to a minimum of 3 and a maximum of 5. This ensures that data from more than one channel sample and/or drillhole was used to estimate the grades. The rotation reflects the strike of the plane to which all data were translated.

Table 16.5 Estimation and Search Parameters

Search Ellipse Rotation Number of Samples

Mineralisation X Y Z X Axis Y axis Z axis Min Max

All accumulations and 10 30 100 0 0 50 3 5 horizontal width

Two estimation passes, based on search ellipse criteria, were required to ensure all the blocks were filled with an estimated grade. The first estimation pass filled the majority of cells (>80%). The second pass was based on twice the search radii size of the first estimation pass.

16.9 Bulk Density

Volumes were converted to tonnages using the linear regression formula developed by the Geological Survey (see Section 12).

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16.10 Mineral Resource Estimate

The estimated Mineral Resource is listed in Table 16.6. It is reported without a cut off grade applied as the form of the vein and the mean silver, copper, antimony and iron grades are such that the Strieborná Vein has reasonable prospects for economic extraction in its entirety.

Table 16.6 Mineral Resource Estimate MINERAL RESOURCE Quantity Horizontal Ag Cu Sb Fe Density CATEGORY (‘000 t) Width (m) (g/t) (%) (%) (%) t/m3 Measured 215 5.8 467 2.2 1.4 20.6 3.12 Indicated 1,710 3.4 202 1.0 0.6 33.2 3.49 Measured + Indicated 1,925 3.6 232 1.1 0.7 31.8 3.45 Inferred 1,500 3.2 179 0.9 0.6 33.6 3.5

NOTE: The above Mineral Resource INCLUDES an estimated 35,000 tonnes of material depleted during underground development

The mineral resource has been classified as Measured, Indicated and Inferred under the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines.

Figure 16.12 shows the silver grade distribution in the Strieborná vein deposit.

Figure 16.12 Silver Grade Distribution

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Figure 16.13 shows the location of the different mineral resource classifications.

The mineral resource has been classified as Measured around the areas where development has confirmed the continuity of the vein and grade across more than one development level. It has been classified as Indicated where sampling was continuous on development levels with some drill holes above or below confirming vertical continuity of the vein and grades.

Between Levels 10 and 13, the mineral resource has been classified as Inferred because structural continuity between these two levels is uncertain due to faulting which has resulted in the displacement of the north-eastern end of the vein between the Levels. The model has not been truncated against the proposed faults, as there are insufficient data to confirm the faults orientation. The mineral resource estimated on the fringes of the model has also been classified as Inferred.

Figure 16.13 Location of Mineral Resource Categories

16.11 Deleterious Elements

Deleterious elements include mercury and arsenic. The average mercury content estimated for the various mineral resource categories is as follows:

• 0.0460% or 460 ppm for Measured Mineral Resource.

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• 0.0147% or 147 ppm for Indicated Mineral Resource.

• 0.012% or approximately 120 ppm for Inferred Mineral Resource.

The average arsenic content is 0.03% (Mesarčík et al. 1991).

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17 OTHER RELEVANT DATA AND INFORMATION

The author is not aware of any other relevant data or information pertaining to the Strieborná Project, which would influence the conclusions and recommendations presented in this report.

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18 INTERPRETATIONS AND CONCLUSIONS

18.1 Mineral Resource Summary

The current resource estimate is based on the data reported by the Geological Survey which have been independently verified by detailed geological mapping and verification channel sampling. The geological interpretation has also been verified and modified where required to take into account results of detailed structural and mineralogical studies. The current mineral resource estimate is therefore based on very solid foundations.

The Strieborná Vein is a single vein with uneven grade distribution but silver, copper and antimony grades are generally. An analysis of other technical data provided by the Issuer indicates that high recoveries of silver, copper and antimony may be achievable using the Sunshine process, which will also precipitate and enable a disposal of arsenic and mercury. The Strieborná Vein is partially developed and connected with underground haulage system of the Maria Mine, which will reduce capital expenditure if and when the Strieborná Project is advanced to production.

Taking the above factors into consideration the author is of an opinion that the Strieborná Vein has reasonable prospects for economic extraction in its entirety. Accordingly, the author considers that it is appropriate to report the mineral resource for the entire vein and without a cut-off grade. Based on this principle, the current mineral resource figures, with subdivisions into categories, are given in Table 18.1. The effective date of the estimate is 22 April 2008.

Table 18.1 Current Mineral Resource of Strieborná Vein Mineral Horizontal Average Grades Quantity Resource Width Ag Cu Sb Fe Category Mt m g/t % % %

Measured 215 5.8 468 2.2 1.4 20.6 Indicated 1,710 3.4 202 1.0 0.6 33.2

Inferred 1,500 3.2 280 0.9 0.6 33.6

NB: Tonnage includes estimated 35,000 tonnes of mined out development

The terms Mineral Resource, Measured Mineral Resource, Indicated Mineral Resource and Inferred Mineral Resource have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum as the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines adopted by CIM Council on August 20, 2000.

The mineral resources presented in Table 18.1 do not have demonstrated economic viability and are not mineral reserves.

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The Inferred Resource is located mainly between Levels 10 and 13, where structural continuity is reasonably assumed but cannot be verified on the basis of the currently available geological data.

The confidence placed in the estimates of the Measured and Indicated Resources is sufficiently high to support a Preliminary Feasibility Study.

The author considers that the current mineral resource is unlikely to be materially affected by any environmental, permitting, legal, title, taxation, socio-political or marketing issues.

To facilitate further evaluation of the Strieborná Project’s feasibility and mineral reserves, AMC has produced grade-tonnage curves for the Measured and Indicated Resource categories for a range of cut-off grades from 50 g/t Ag to 400 g/t Ag. The curves are given in Figures 18.1 to 18.3.

Figure 18.1 Tonnage – Grade Curve for Silver

Grade Tonnage Curve Silver g/t

2,000,000 700

1,800,000 600 1,600,000

1,400,000 500

1,200,000 400

1,000,000 Tonnes

300 Silver g/t 800,000

600,000 200

400,000 100 200,000

- - 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 COG (g/t Ag) Series1 Series2

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Figure 18.2 Tonnage – Grade Curve for Copper

Grade Tonnage Curve Copper %

2,000,000 3.0

1,800,000

2.5 1,600,000

1,400,000 2.0

1,200,000

1,000,000 1.5 Tonnes Copper % 800,000

1.0 600,000

400,000 0.5

200,000

- - 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 COG Silver g/t Tonnes Copper %

Figure 18.3 Tonnage – Grade Curve for Antimony

Grade Tonnage Curve Antimony %

2,000,000 1.8

1,800,000 1.6

1,600,000 1.4

1,400,000 1.2

1,200,000 1.0 1,000,000

Tonnes 0.8

800,000 % Antimony

0.6 600,000

0.4 400,000

200,000 0.2

- - 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400

COG (g/t Ag) Tonnes Antimony

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The Issuer appointed AMC to estimate and report the current resource estimate for the Strieborná Vein and in the opinion of the author the outcome reported herein meets the original set objectives.

18.2 Potential Extension to the Strieborná Vein

An extension to the Strieborná Vein is hinted by a sole intersection in drillhole V-RS-6/2- 86, which was collared on Level 6 and drilled towards Level 8. The drillhole intersected high grade mineralisation at the elevations of about +70m with an average grade of 667 g/t Ag, 5.1% Cu and 3.4% Sb over a drill interval of 2.2m. The intersection is located about 25m east of the end of North-East Drive on Level 8 and about 35m from the Strieborná Vein termination which is interpreted as an attenuated hinge of an isoclinal fold. The intersection is not included in the current resource estimate.

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19 RECOMMENDATIONS

Because the Strieborná Vein contains a significant Measured and Indicated Resource that is already partially developed, this project is, in the judgement of the author of this report, of sufficient merit to make the work recommended herein a worthwhile undertaking.

To provide the technical and engineering information needed to make an informed investment decision for, and plan for the development of the Strieborná Project, a two phase programme of work is recommended, with advancement to the second phase contingent upon satisfactory achievement of the objectives of the first phase.

19.1 Phase I

19.1.1 Obtaining Permits

The author recommends that the Issuer through its local subsidiary, Global Minerals Slovakia s.r.o., continue in its efforts to obtain the permits, such as land use, water discharge, environmental, building, mining and operating consents, etc., necessary to dewater and reopen the Strieborná Section of the Mária Mine.

19.1.2 Mine Dewatering and Rehabilitation

It is essential that the underground workings in the Strieborná Vein be dewatered and rehabilitated immediately after all the necessary permitting is in place as it is the prerequisite to undertaking the recommended work programme.

19.1.3 Preliminary Feasibility Study

The author recommends that the Issuer undertake a Preliminary Feasibility Study, which should incorporate three key elements as follows:

• Underground infill diamond core drilling, surveying, geological mapping and geotechnical work.

• Upgrade of the current resource classification to incorporate new drilling data.

• Further metallurgical testwork on representative sample composites from the upper and lower development levels.

• Mining study to develop the optimal strategy for development and production.

The drilling programme should be designed to confirm the structural continuity and grade extrapolation between the existing development levels, particularly between Levels 13 and 10, with the view to upgrading the current mineral resource from Inferred to Indicated. Some core drilling is also recommended to upgrade the current Indicated mineral resource on the higher levels to the Measured category.

Metallurgical tests, which should be performed under the direction of Eur Ing Dr. Corby G. Anderson at the Center for Advanced Mineral & Metallurgical Processing at the University of Montana to follow up on the earlier positive results, should be detailed

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enough to prepare a preliminary description along with flow sheets, layouts and equipment lists for milling and hydrometallurgical treatment of Strieborná ore, to prepare the order of magnitude estimate of a capital cost for a 300-500 tonne per day mill and for the alkaline sulfide hydrometallurgical plant and to estimate the order of magnitude cost of electrical energy to be used per tonne of milled and leached ore to produce electro- won antimony metal and a copper concentrate acceptable for smelters.

The mining study should be based on the current mineral resource model, updated to take into account all new infill drilling and sampling results, and should result in the selection of the most suitable production rate from a range of alternatives for mining and processing with cost estimates for the selected option being in the range of +/- 20% to 25%. The study should also consider various options of financing the project

19.2 Phase II

19.2.1 Feasibility Study

Contingent on positive results in Phase I, the Issuer can proceed with a Feasibility Study to evaluate the economic feasibility of the selected development and production option to a level of accuracy (+/-15% or better) required for project financing.

Proposed Budget

The work involved in obtaining the necessary permits, dewatering and rehabilitation of the underground workings, infill diamond core drilling, point panel sampling, assaying, upgrading of the current status of the resource and the Preliminary Feasibility Study should be carried out under the provisions of the agreements between the Issuer and PIDECO CGF s.r.o. These expenditures should be credited toward the US$2 Million expenditure commitment over a two year period to earn an additional 10% interest in the Strieborná Project.

Phase I Estimated Cost (US $) Permitting (land use; water discharge; environmental including baseline studies and monitoring; building, operating and mining) 300,000 Mine dewatering and rehabilitation 1,000,000 Core drilling (underground 3000 m @ $100/m all in) 500,000 Channel and panel sampling, required additional mapping, assaying 200,000 QP supervision (incl. travel and support) 150,000 Revised mineral resource estimation 100,000 Metallurgical Studies and Report 350,000 Mining Study and Pre-Feasibility Study Report 250,000 Contingencies 150,000 Sub-total for Phase I 3,000.000

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19.3 Phase II

Feasibility Study, Engineering and Mine Planning $ 4,000,000 QP supervision (incl. travel and support) $ 250,000 Reports $ 250,000 Contingencies $ 500.000 Sub-total for Phase II $ 5,000.000 Total Phases I and II $ 8,000,000

Respectfully submitted this 22nd day of April, 2008

Eur Ing Zygmunt Jakubiak

MSc, DIC, FIMMM, C Eng, FGS (London), C Geol, Eur Geol, MAusIM

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20 REFERENCES

20.1 Published Documents

Balaz, P., Kammel, R., Sekula, F., and Jakabsky, S., 1997, Mechano-chemical leaching: the possibility to influence the rate of metals extraction from refractory ores, Proceedings of the XX International Mineral Processing Congress, 21-26 September 1997, Aachen, Germany, p. 149-159.

Grecula, P. et al., 1995, Loziska Nerastnych Surovin Slovenskeho Rudohoria, Mineral Deposits of the Slovak Ore Mountains, Volume 1, Geocomplex Bratislava, pp.96-98, pp.331-361. (in Slovak and English)

Kocis, J., Makoviny, J., and Reiser, M., 1990, Bana Roznava historicka a sucasna, Kosice, 275 p. [Roznava mine(plant) historically and at present.] (in Slovak, with English abstract)

Kondela, J, and Schmidt, R., 1997, Distribucia Ag-Fe-Cu na lozisku Strieborna zila v Roznave, 9th International Mining Conference, Sept. 2-5, 1997, Technical University, Kosice, pp. 57-60 [Distribution of Ag-Fe-Cu minerals in the Strieborna vein deposit in Roznava.] (in Slovak, with English abstract).

Sasvári, T., Jancura, M. and Mato, L., 1996, Geologicko-strukturne a mineralizacne predpoklady obnovenia tazby na zile Strieborna v Roznava rudnom poli (Zapadne Karpaty), Acta Montanistica Slovaca, Volume 1, pp.1-12. [Geological, structural and mineralizing aspects of renewal of exploitation on the Strieborna vein in the Roznava ore field (West Carpathians). (in Slovak, with English abstract)

Sasvári, T. and Mato, L., 1996, Chronology of tectonic events and mineralization of the epigenetic Strieborna vein, Roznava ore district, Slovakia. In P. Grecula (ed.), Variscan Metallogeny in the Alpine orogenic belt, Mineralia Slovaca - Monography, Bratislava, pp.251-282.

Sekula, F., Balaz, P., Jusko, F., Molnar, F. and Jakabsky, S., in print 1998, Hydrometalurgicka technologia spracovania tetraedritovych koncentratov z lokality Maria bana v Roznave, Acta Montanistica Slovaca, Kosice, 7p. [Hydrometallurgical processing technology of tetrahedrite concentrate from locality Maria mine at Roznava.]

Tozser, J., 1997, The present state of geological legislation in the Slovak Republic: 9th International Mining Conference, Sept. 2-5, 1997, Technical University of Kosice, pp. 1- 3. (in Slovak with English abstract; partly translated by M. Zahorec)

20.2 Unpublished Documents, Reports, Maps, etc.

Allen, M. C, 2008. Independent Technical Report on the Strieborna Vein Silver Project, Roznava Mining District, Slovak Republic, Latitude 48° 40' N and Longitude 20° 30' E., 48m plus appendices, 11 February 2008.

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Anderson, C. G., 2007. Metallurgical Processing of the Strieborná Vein Silver Deposit, The Center for Advanced Mineral & Metallurgical Processing, Montana Tech of the University of Montana, Butte, Montana, 10p.

Blištan, P., 1995, Analyza kvantitativnych a kvalitativnych parametrov loziska Roznava- Strieborna zila, Diplomova uloha, Banicka Fakulta, Technicka univerzita v Kosiciach, 61p. [Analysis of quantitative and qualitative parameters of the Roznava-Strieborna vein deposit, Diploma thesis, Faculty of Mining of the Technical University of Kosice.] (in Slovak, with portions translated into English by M. Zahorec)

Bond, W and Young, A, 1994. Roznava Resource Summary, Sunshine Mining and Refining Company, in: FCE, October 1995.

FCE (Feichtner Consulting Engineers GmbH of Linz, Austria), October 1995, Analysebericht fur ZELBA, in Spisska Nova Ves, Slowakische Republik, Grube Roznava, 29 p. with 66 p. apps. & 3 plates. [Cost Analysis for ZELBA in Spisska Nova Ves, Slovak Republic, Roznava mine.] (in German, and in Slovak translation)

Florek, I., Sekula, F., Jusko, F., Molnar, F., Jakabsky, S., Balaz, P. et al. (29 additional authors), October 1996, Realizacia vyskumnej linky a overenie novej technologie spracovania tetraedritovych surovin z Rudnian a Roznavy, Ustav Geotechniky SAV, Kosice, 129 p. with 61 p. appendices. [Pilot testing of a new processing line and testing of a new processing technology for tetrahedrite ore from Roznava and Rudnany, Geotechnical Institute of Slovak Academy of Sciences (SAV)] (in Slovak)

Hatala, V., Bauer, V., Sasvári, T., Sedlaty, V., Vrabec, F., Maras, M., and Vavrek, P., April 1996, Studia racionalizacie dobyvania Striebornej zily na lozisku Maria bana zavodu Roznava pre obdobie rokov 1996-1999, Fakulta BERG Technicka univerzita, Kosice, 88 p. with 25 p. appendices. [Study of the rationalisation of mining of the Strieborna vein deposit, Maria mine, Roznava division, for the period 1996-1999, Faculty of Mining (BERG) Technical University of Kosice.] (in Slovak)

Jakubiak, Z., November 1994, Report on Detailed Underground Mapping of the Strieborná Vein System, Slovakia, 21 p. Prepared for CMX Resources Limited, London.

Karoli, A., August 1997, Technicko-ekonomicka studia obnovenia t'azby na lozisku Maria bana Roznava, 23 p. [Technical-economic cost study for renewed exploitation of the deposit of the Maria mine Roznava.] (in Slovak, translated into English by M. Zahorec)

Kondela, J., 1997, Geochemicke studium na lozisku Roznava-Maria, zila Strieborna, a moznosti vyuzitia jeho vysledkove vre valsi prieskum, Diplomova uloha, Banicka Fakulta, Technicka univerzita v Kosiciach, 45p. [Geochemistry study on the Strieborna vein deposit, Roznava-Maria mine, and its exploration applications, Diploma thesis, Faculty of Mining of the Technical University of Kosice.] (in Slovak)

Madeisky, H.E. and Chernavska, A., May, 1998, Report on the Strieborna Vein Silver Deposit, Roznava Mining District, Slovak Republic, 45 p. with 40 p. original appendices. Prepared for Porcher Island Gold Corporation, Vancouver, British Columbia, Canada Madeisky, H.E, Chernavska, A., 1998

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MacLeod, R., 8 February 1995, Predbezna prevadzkova studia strieborna zily, Roznava, Slovensko, pre Sunshine Mining and Refining Company, 27 p. with 13. original appendices. [Preliminary study of mining operations, Strieborna vein, Roznava, Slovakia, prepared for Sunshine Mining and Refining Company.] (in Slovak translation of English original, re-translated to English by M. Zahorec)

Mesarcik, I., Svantnerova, E., Zatroch, P., Bachnak, M., Jelen, M., Leska, S., Hajci, T., Palco, A., Tucek, L., Kosuth, M., Ujpal, Z., Marko, F., Stupak, J., 1 July 1991, Zaverecna sprava ulohy Roznava-Strieborna zila, Geologicky Prieskum s.p. Spisska Nova Ves, Geologicka oblast Roznava, 133 p., with tables 27p. [Final work report Roznava - Strieborna vein, by Geological Exploration state enterprise of Spisska Nova Ves, Roznava geological area.] (in Slovak)

Mesarcik, I., Bachnak, M., Jancura, M., Marko, F., Mato, L., Palcso, A., 1 July 1996, Zaverecna sprava a vypocet zasob Roznava - Strieborna zila II, Geoenvex spol. s.r.o. Roznava, 175 p. [Final report and reserve calculation Roznava - Strieborna vein II, by Geoenvex company with limited liability (spolocnosp s rucenim obmedzenym) of Roznava.] (in Slovak, translated into English by M. Zahorec).

Sasvári, T., October 1994, Štruktúrna analýza na Striebornej žile v rožňavskom rudnom poli, Katedra geológie a mineralogy, Faculta BERG, Technicka Univerzita Košice.

20.3 Slovak Government Documents

Ministerstvo Zivotneho Prostredis, Slovenshej Republiky, 13 January 1998, Rozhodnutie o urceni prieskumneho uzemia...Roznava I. [Slovak Republic, Ministry of Environment, 13 January 1998, Ruling about exploration License area...Roznava I.] (in Slovak)

Ministerstvo Zivotneho Prostredis, Slovenshej Republiky, 14 January 1998, Rozhodnutie o urceni prieskumneho uzemia...Roznava II. [Slovak Republic, Ministry of Environment, 14 January 1998, Ruling about exploration License area...Roznava II.] (in Slovak)

Ministerstvo Zivotneho Prostredis, Slovenshej Republiky, 10 October 1995, Rozhodnutie o schvaleni zasob vyhradneho loziska...Roznava - Strieborna zila. [Slovak Republic, Ministry of Environment, 10 October 1995, Ruling about the approval of the reserves for the exclusive mineral deposit...Roznava - Strieborna vein.] (in Slovak, translated into English by M. Zahorec)

Obvodny Bansky Urad v Sp. Novej Vsi, 19 March 1997, Rozhodnutie - Zmena dobyvacieho priestoru Roznava III, ev. c. 66/e. [District Office of the Mining Bureau at Spisska Nova Ves, Ruling - change of the Mining License Roznava III, reg. # 66/e.] (in Slovak, translated into English by M. Zahorec)

Obvodny Bansky Urad v Sp. Novej Vsi, 19 March 1997, Rozhodnutie - Zmena dobyvacieho priestoru Roznava I, ev. c. 04/e. [District Office of the Mining Bureau at Spisska Nova Ves, Ruling - change of the Mining License Roznava I, reg. # 04/e.] (in Slovak)

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Slovensky Geologicky Urad, 7 August 1992, Osvedcenie o posudeni a schvaleni vypoctu zasob vyhradnedo loziska...Roznava - Strieborna zila. [Slovak Geological Bureau, 7 August 1992, Certificate of the evaluation and approval of the reserves of the exclusive mineral deposit...Roznava - Strieborna vein.]. (in Slovak, translated into English by M. Zahorec)

Slovak National Council, Act No. 51 Coll. on Mining Activity, Explosives, and State Mining Administration, issued on 20 April 20 1988, (with amendments implemented by the Slovak National Council Act No. 499 Coll. issued on 6 November 1991), 57p. (in English translation)

Slovak National Council, Environmental Impact Assessment Act, Ministry of the Environment of the Slovak Republic, passed on 29 April 1994, 55p. (in English translation)

Obvodny Bansky Urad v Sp. Novej Vsi, 30 May 2007,Rozhodnutie - Predchadzajuci suhlas na prevod dobyvacieho priestoru Roznava I [Mining Bureau Certificate Authorisation of Mining License Roznava I transfer to GMS Slovak] (in Slovak)

Zmluva o prevode dobyvacieho priestora Roznava I 31 May 2007 [Transfer of Mining License Roznava I to Global Minerals Slovakia s.r.o. from PIDECO C.G.F. s.r.o. ] (in Slovak)

Obvodny Bansky Urad v Sp. Novej Vsi, 30 May 2007, Rozhodnutie - Predchadzajuci suhlas na prevod dobyvacieho priestoru Roznava III [Mining Bureau Certificate Authorisation of Mining License Roznava III transfer to GMS Slovak] (in Slovak).

Zmluva o prevode dobyvacieho priestora Roznava III 31 May 2007 [Transfer of Mining License Roznava III to Global Minerals Slovakia s.r.o. from PIDECO C.G.F. s.r.o. ] (in Slovak).

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CERTIFICATE OF AUTHOR

I Eur Ing Zygmunt Jakubiak, MSc, DIC, FIMMM, C Eng, FGS (London), C Geol, Eur Geol, MAusIMM, do hereby certify that: 1. I am employed as a Principal Geologist by AMC Consultants Pty Ltd., whose address is Level 19, 114 William Street, Melbourne, VIC 3000, Australia. 2. I graduated with a degree of Magister Geologii (Master of Geology) from the University of Wroclaw, Poland, in 1975. In addition, I obtained a Diploma of Imperial College and a degree of Master of Science in Mineral Exploration from the Royal School of Mines, Imperial College, University of London, UK, in 1984. 3. I am a Fellow of the Institute of Materials, Minerals and Mining, UK, Member of the Australasian Institute of Mining and Metallurgy, Australia, and Fellow of the Geological Society of London. 4. I also hold qualifications of: Chartered Engineer, Engineering Council, UK; Chartered Geologist, Geological Society of London, UK; European Engineer, FEANI, Paris; and Chartered Geologist, European Federation of Geologists, Brussels. 5. I have worked as a geologist for a total of thirty one years since my graduation from university. 6. I have read the definition of “Qualified Person” set out in National Instrument 43- 101 (NI 43-101) and certify that by reason of my education, affiliation with professional associations (as defined in NI 43-101) and past work relevant experience, I fulfill the requirements to be a “Qualified Person” for the purposes of NI 43-101. 7. I am responsible for the preparation of all sections of this Technical Report for Global Minerals Ltd. entitled "Strieborná Vein Silver Project, Rožňava Mining District, Slovak Republic, Latitude 48° 40' 29˝ N, Longitude 20° 32' 31˝ E, Technical Report for Global Minerals Limited", dated 11 April 2008. 8. I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading. 9. I am independent of the Issuer applying all of the tests in Section 1.5 of National Instrument 43-101. 10. I have read National Instrument 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.

Dated this 22nd Day of April 2008.

Eur Ing Zygmunt Jakubiak, MSc, DIC, FIMMM, C Eng, FGS, C Geol, Eur Geol, MAusIMM Principal Geologist, AMC Consultants Pty Ltd.

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